India to hike petrol and diesel prices? Your fuel cost might increase if crude oil crosses THIS mark
&imwidth=600&imheight=450&format=webp&quality=medium "India to hike petrol and diesel prices? Your fuel cost might increase if crude oil crosses THIS mark")
File Photo: A petrol pump stands closed in Imphal, Manipur, India. Photograph: (WION Web Desk)
Will petrol and diesel prices rise in India as global oil prices surge during the Iran war? Reports suggest fuel prices are unlikely to increase unless crude crosses $130 per barrel. India currently has adequate supplies, but what happens if oil prices keep climbing? Scroll down to find out.
Petrol and diesel prices in India are unlikely to increase unless global crude oil prices cross the $130 per barrel mark, suggest reports citing government sources. Talking to WION on Tuesday (Mar 10), Government of India sources cautioned that petrol and diesel prices may be hiked, but only if the price of crude oil crosses the USD 130 per barrel mark. They confirmed that "Petrol and diesel prices in India are unlikely to rise unless crude oil breaches $130 per barrel," with expectations of prices stabilising around $100. The sources also confirmed that India currently has sufficient fuel supplies.
No shortage of petrol, diesel in India
A senior Indian government official told WION that they expect crude oil prices to be around USD 100 per barrel, and insisted that there was no shortage of petrol and diesel at any pump in the country. “India faces no shortage of petrol, diesel, or Aviation Turbine Fuel (ATF), with sufficient stocks and ongoing exports of ATF positioning the country better than many others amid global disruptions,” government sources said.
To further lessen the risk of supply restrictions, India has also accelerated sourcing from routes outside the Strait of Hormuz, reported ANI.
No need to worry: Minister Hardeep Puri
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Previously, India's Petroleum Minister Hardeep Puri also stated that the nation was not facing any energy shortage and insisted that there was no cause for worry for energy consumers. Following an interaction with members of the media, the minister on X posted: “Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably. There is no shortage of energy in India and there is no cause of worry for our energy consumers”.
Rubbishing reports of a fuel shortage, Indian Oil Corporation also echoed Puri's statement and took to X to say, “India has sufficient fuel stocks, and supply and distribution networks are functioning normally. IndianOil is committed to maintaining uninterrupted fuel supply across the country. Citizens are requested not to panic or crowd fuel stations and to rely only on official sources for accurate information”.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
