New Delhi

Petrol and diesel prices in India are unlikely to increase unless global crude oil prices cross USD 130 per barrel, government sources said on Monday, adding that the country currently has adequate fuel stocks.

Officials said that based on present market trends, crude oil prices are expected to remain close to USD 100 per barrel. They also assured that there is no shortage of petrol or diesel at fuel stations across the country.

Sources added that India has stepped up efforts to procure crude oil through routes other than the Strait of Hormuz to reduce the risk of supply disruptions amid geopolitical tensions in West Asia.

They also noted that India has sufficient reserves of Aviation Turbine Fuel (ATF), emphasising that the country is both a producer and exporter of aviation fuel and there is no cause for concern regarding supplies.

According to officials, India remains in a stronger position than many countries to manage fluctuations in the global energy market.

Last week, government sources said that Australia and Canada had offered to supply gas to India as the country looks to diversify energy imports amid the ongoing West Asia crisis.

India currently imports about 195 million metric standard cubic metres per day of natural gas, of which around 60 mmscmd is supplied by Qatar.

Sources said the government is also in talks with major oil producers and traders for additional supplies of crude and Liquefied Petroleum Gas (LPG). Discussions are also underway with international bodies such as the International Energy Agency and the Organization of the Petroleum Exporting Countries.

Separately, the government has increased the minimum waiting period for booking domestic LPG cylinder refills from 21 days to 25 days to prevent hoarding and black marketing.

Officials said authorities had noticed unusual booking patterns, with some consumers placing orders much earlier than usual. To ensure adequate supply, refineries have been asked to increase LPG production and prioritise domestic consumers over commercial connections.

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“Domestic consumers will always remain the priority,” sources said, adding that several countries, including Algeria, Australia, Canada and Norway, have expressed interest in supplying LPG to India.