India's Energy Stock Position Improves; Petrol and Diesel Prices Will Not Increase: Govt Sources

The petrol and diesel prices will not increase amid the ongoing Israel-US-Iran conflict, noted government sources, whilst explicitly ruling out such a scenario.

To reinforce this commitment to the public, they reiterated their stance, saying, “Today we again assure that prices of Petrol and Diesel will not increase.”

Talking about energy stock in the country, government sources have stated that the south Asian nation's stock levels are on an upward trajectory despite the volatility in West Asia.

Officials indicated that recent assessments have provided the administration with a much-needed cushion, stating that "Energy stock position of India is improving" and that “As the situation is improving, that is giving us greater confidence.”

This positive trend was further emphasised during high-level internal evaluations, with sources adding that “In our review meetings, we are getting the sense that our energy stocks are getting better.”

The government also took the opportunity to address allegations by Congress regarding the pricing of Liquefied Petroleum Gas (LPG), dismissing claims of a price hike as a misinterpretation of official statements. Sources clarified that their previous assurances regarding price freezes were never intended to cover cooking gas, stating that “Their allegation is completely baseless. This was only said for petrol and diesel. It was not in reference with LPG.”

Also Read: Will Fuel Prices Keep Rising After Israel-US-Iran Conflict?

Furthermore, they noted, "At one stage we were concerned for our LPG Stocks, but now we are at better situation." 

Addressing concerns over supply chain vulnerabilities, the government has successfully reduced its reliance on the volatile Strait of Hormuz by diversifying its import routes. Sources explained that India has redirected a significant portion of its procurement to ensure a steady flow of oil, noting that “India has ramped up 10 per cent of its crude imports from sources other than the Strait of Hormuz.”

This strategic shift is reflected in the overall import data, with officials highlighting that “60 per cent of Crude Oil import which was sourced from other than Straits of Hormuz has now increased from 60 per cent to 70 per cent.”