India Secure on Fuel Prices as Crude Steady at $100, Says Government

Indian government sources confirm that petrol and diesel prices will remain stable unless crude oil exceeds $130 per barrel. India has ample fuel stocks and is diversifying its crude sourcing. Efforts are underway to ensure stable LPG supply amidst talks with global partners, addressing concerns over fuel hoarding.

Government assurance suggests that petrol and diesel prices in India will stay firm unless global crude oil prices push past $130 per barrel. With crude expected to linger around $100, sources affirm that India's fuel prices are stable while it maintains sufficient reserves to meet current demand.

The country has proactively diversified its crude oil sources beyond the Strait of Hormuz to mitigate potential supply disruptions. Government officials stress there is no imminent aviation fuel crisis, thanks to ample reserves of Aviation Turbine Fuel (ATF).

Amidst heightened geopolitical tensions in West Asia, India shifts its gaze towards alternative energy options. Recent overtures from Australia and Canada to supply gas highlight India's strategic positioning in managing its energy landscape while collaborating with global oil players.

In a move to curb domestic LPG hoarding, the government has extended the minimum waiting period for LPG cylinder bookings to 25 days. Meanwhile, increased LPG output is underway to prioritize domestic need over commercial usage, as India courts new partnerships to secure its LPG supply chain.

(With inputs from agencies.)