The government has reiterated that petrol and diesel prices will not be increased for now, even as tensions in West Asia continue to affect global energy markets. According to a report by Asian News International (ANI) citing government sources, India’s energy supply position is improving and cargo movement through the Strait of Hormuz has started resuming.
Government sources told ANI that India’s energy stock position is getting stronger as the situation stabilises. “Energy stock position of India is improving. As the situation is improving, that is giving us greater confidence,” sources said.
No Petrol-Diesel Price Hike
Government sources reaffirmed that petrol and diesel prices will not be increased.
“Petrol and diesel prices will not increase,” sources said, adding that earlier assurances on price stability were only in reference to transport fuels and not cooking gas.
Responding to criticism from the Indian National Congress over the recent LPG price hike, government sources said the allegations were misplaced.
“Their allegation is completely baseless. The earlier statement was only regarding petrol and diesel. It was not in reference to LPG. Today we again assure that prices of petrol and diesel will not increase,” sources told ANI.
India Diversifies Crude Imports
Officials also highlighted that India has been diversifying its crude oil sourcing to reduce dependence on the Strait of Hormuz route.
According to government sources cited by ANI, India has ramped up crude imports from sources outside the Strait of Hormuz by about 10%. Earlier, around 60% of India’s crude imports came through routes other than the Strait of Hormuz, but that figure has now increased to about 70%.
This shift is aimed at strengthening supply security in case disruptions occur in the strategically sensitive waterway.
LPG Concerns and Supply Situation
Experts have pointed out that cooking gas could be more vulnerable than crude oil because India relies heavily on LPG imports and maintains limited reserves.
India is the world’s second-largest LPG importer after China, and a large share of these shipments pass through the Strait of Hormuz. Unlike crude oil reserves, which can cover roughly 30–35 days of consumption, LPG stocks typically cover only two to three weeks of demand.
However, government sources told ANI that the situation regarding LPG stocks has improved.
“In our review meetings, we are getting the sense that our energy stocks are getting better. At one stage we were concerned for our LPG stocks, but now we are in a better situation,” sources said.
Qatar Assures Supply Resumption
Government sources also said Qatar has assured India that LPG and LNG supplies will resume once shipping routes fully reopen.
“Qatar has assured us that it will resume supplies to India as soon as the route reopens,” sources told ANI.
India currently has surplus stocks of LNG, and several countries have also offered additional LNG supplies, according to officials.
Cargo Movement Resuming
Government sources further noted that cargo movement near the Strait of Hormuz has begun to resume after Iran pledged not to target neighbouring countries unless attacked from their territory.
The development has eased immediate concerns about large-scale disruption in global energy shipments passing through the critical maritime route.
LPG Price Hike Already Announced
Meanwhile, domestic LPG prices have already been revised upward.
From March 7, the price of a 14.2-kg cooking gas cylinder has been increased by Rs 60 nationwide.
Following the revision, prices in major cities are:
Delhi: Rs 853 → Rs 913
Mumbai: Rs 852.5 → Rs 912.5
Kolkata: Rs 879 → Rs 930
Chennai: Rs 868.5 → Rs 928.5
Government sources say LPG prices have increased by around Rs 110 per cylinder over the past two years.
While petrol and diesel prices are expected to remain stable for now, experts say cooking gas will continue to be closely watched due to India’s heavy dependence on imports passing through the Strait of Hormuz.
