On Saturday, the government announced that petrol and diesel prices will remain unchanged, referencing rising energy reserves and a stable worldwide supply situation as reasons.
According to official sources, India’s energy stock is in a stronger position than it was before, which gives the government more confidence in controlling local fuel supply despite the recent volatility in the global market.
To lessen its dependence on hazardous shipping routes like the Strait of Hormuz, officials have emphasised the country’s endeavours to diversify its crude oil imports.
The sources indicate that the proportion of oil imports to India from suppliers outside the Strait of Hormuz route has grown from 60% to 70%, which helps to reduce the risk of supply disruptions.
They went on to say that the first cargo shipment has already started moving again via the Strait of Hormuz, which means that global supply flows are starting to stabilise.
Opposition parties claimed that fuel prices could rise due to concerns in the global energy market, prompting the explanation. The assertions were deemed unfounded by government sources.
The previous promise, officials clarified, only applied to the pricing of petrol and diesel; it had nothing to do with LPG.
The sources reaffirmed, “Petrol and diesel prices will not increase”. They clarified that this statement had nothing to do with the price of LPG.
