Officials said India currently holds more than 250 million barrels of crude oil and petroleum products across strategic reserves and supply chains. This provides a buffer equivalent to about seven to eight weeks of consumption.
India is working to ensure global volatility in energy markets does not translate into higher fuel costs for Indian consumers. Petrol and diesel prices will not increase even as tensions in the Middle East disrupt global supply routes, government sources told India Today, adding all possible steps are being taken to cushion consumers from fluctuations in global crude oil and LPG prices. The Centre is also coordinating closely with oil suppliers and monitoring developments on a daily basis.
LPG PRICES LINKED TO GLOBAL BENCHMARK
Officials said LPG prices in India are linked to the Saudi Contract Price (SCP) benchmark, which has risen sharply over the past two months. Despite the spike, the government says it has absorbed much of the pressure to keep the burden on consumers minimal.
Domestic LPG currently costs oil marketing companies around Rs 1,050 per cylinder, meaning they continue to incur losses on household LPG sales. Officials said the priority remains protecting households from sudden price shocks.