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India's Fuel Prices Stable Unless Oil Hits $130, Says Government

Government sources indicate petrol and diesel prices in India are unlikely to rise unless global crude oil prices exceed $130 per barrel, citing sufficient domestic stockpiles. They expect oil to hover around $100 a barrel and assure no shortages at fuel pumps across the country. Measures have been taken to secure supply, including accelerating non-Hormuz crude sourcing and boosting LPG output with a focus on domestic consumers. To prevent hoarding, the booking period for LPG cylinders has been extended from 21 to 25 days.

Key Points: India Petrol, Diesel Prices Unlikely to Rise: Govt Sources

  • Fuel prices stable unless oil hits $130
  • India has ample petrol, diesel stocks
  • ATF supply secure as India is producer, exporter
  • LPG booking period extended to curb hoarding
2 min read

"Unless crude oil breach $130...," petrol, diesel prices unlikley to increase in India: Govt Sources

Government sources say India has enough fuel stock; petrol and diesel prices won't increase unless crude oil breaches $130 per barrel.

"We expect crude oil prices to be around USD 100 per barrel - Government Source"

New Delhi, March 9

Petrol and diesel prices in India are unlikely to increase, unless and until crude oil prices breach USD 130 per barrel, government sources said on Monday.

The fuel prices are unlikely to increase as India has enough stock, the sources said.

"We expect crude oil prices to be around USD 100 per barrel," one of the sources said. "No problem of shortage of petrol and diesel at any pump in country."

They also said that sourcing crude other than the Strait of Hormuz route has been accelerated.

Further, the said sources indicated that India has enough stock of Aviation Turbine Fuel (ATF). "India is a producer and exporter of ATF, no need to panic about ATF," they said.

India, the sources said, is better placed than other countries.

In order to stop hoarding and black marketing, the booking period for LPG gas has been increased from 21 to 25 days, the sources said.

"There were instances that people who were earlier booking LPG cylinders in 55 Days have started booking cylinders in 15 days," they said.

The government has ordered refineries to boost LPG output and also ordered to prioritise domestic LPG over commercial connections.

"Domestic consumers will always be a priority," the sources reaffirmed, as India scouts for more LPG partners. Countries like Algeria, Australia, Canada, Norway have approached to sell LPG to India, they added.

- ANI

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Reader Comments

R
Rohit P
Good to hear about the strategic planning to source crude from other routes. We can't be dependent on one volatile region. Jai Hind!
A
Aman W
The LPG cylinder booking period increase from 21 to 25 days is a smart move to stop hoarding. My mother was worried about our gas supply last month. This should help.
S
Sarah B
While the assurance is welcome, I hope there is transparency. "Government sources said" is a bit vague. A formal statement from the Petroleum Ministry would be more reassuring.
V
Vikram M
"India is better placed than other countries." This makes me proud. Our forex reserves and strategic fuel reserves are finally showing their strength in a crisis.
K
Karthik V
Prioritizing domestic LPG over commercial is the right thing to do. The kitchen fire must keep burning. Good to see multiple countries approaching to sell us LPG.

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