India’s fuel reserves are continuing to rise despite instability in West Asia, and there are no immediate plans to increase retail prices of petrol and diesel, Reuters reported citing government sources. The assurance comes amid disruptions to oil supply chains and shipping routes caused by the ongoing regional conflict.
Sources indicated that India’s petroleum stockpiles are expanding steadily, providing a buffer against potential supply shocks linked to geopolitical tensions. Officials said India may also consider purchasing liquefied natural gas from Russia if such supplies become available, particularly after the United States granted a temporary 30-day waiver permitting refiners to receive certain Russian crude shipments already in transit.
Despite volatility in international energy markets, the government is not planning an immediate revision of retail petrol and diesel prices. Meanwhile, Indian Oil Corporation has reportedly secured multiple crude cargoes from Yanbu, a key oil export hub in Saudi Arabia, to strengthen supply continuity.
Domestic cooking gas prices, however, have been revised upward. The price of household LPG cylinders has increased by ₹60 per unit, while commercial cylinders have become costlier by around ₹115, reflecting higher global energy costs linked to the West Asia crisis. Following the revision, the cost of a 14.2 kg non-subsidised LPG cylinder—used by most households except beneficiaries under the Pradhan Mantri Ujjwala Yojana—has risen to ₹913 in Delhi. The revised rates came into effect on March 7.
Global energy markets are facing mounting pressure as tensions involving Iran disrupt oil and gas supply chains. Analysts caution that even if hostilities ease, damaged infrastructure, shipping disruptions, and elevated security risks could keep fuel prices high for an extended period.
The crisis has significantly affected key maritime supply corridors, particularly the Strait of Hormuz, a vital passage for global energy transport. Attacks targeting vessels and energy facilities have disrupted substantial volumes of oil and gas flows, pushing international crude prices above $90 per barrel and contributing to sharp weekly price increases.
The impact is being felt across global markets, especially in countries heavily dependent on Middle Eastern energy supplies. Several refineries have scaled back operations due to supply constraints, while governments and energy companies are actively seeking alternative sources to stabilise fuel availability amid ongoing uncertainty.
