- India’s petrol and diesel prices will remain stable despite global concerns over the Iran-US conflict and Middle East tensions.
- The government has activated supply management and increased sourcing from non-Hormuz regions to ensure fuel availability.
- LPG stocks remain adequate in the country, with stricter measures planned against black-market
Petrol and diesel prices in India will remain stable for now amidst the global concerns over the Iran-US conflict, according to government sources, as reported by NDTV. Despite the recent gas price spikes due to the ongoing Middle Eastern tension, increased rates are marginal, and not a major surge.
The government has taken measures for maintaining a fuel supply by activating the management chain programme to handle any crisis situation. And with ongoing disruptions in the Middle East, India has started sourcing oil and gas from alternative countries, as per the government sources.
After the blockade of the Strait of Hormuz by Iran, India has increased sourcing from non-Hormuz regions from 60% earlier to 70% now to reduce dependence on the Middle East.
Earlier, India imported around 40% of supplies from the Middle East, for which diversification efforts are now underway to avoid delays due to the war.
ALSO READ: LPG Prices Today, March 12: Check Prices In Delhi, Mumbai, Bangalore, Chennai, Kolkata, And More
LPG Crisis Update In India
The LPG distributors' stock is still adequate and is not dry in the country, And will be available on public demand.
The citizens remain the top priority in fuel and gas supply for the government. Domestic LPG production has also been increased by 25 percent aimed at boosting domestic supply for households.
Strict action will be invoked against black-marketeers by the government, and a mechanism is put in place to prevent black marketing of fuel and LPG, as per the government sources.
Gas Crisis Amidst Middle East Conflict
India is relying on external sources for LPG as it is the world's second-largest importer, with an annual consumption of about 33 million tonnes. The LPG route for India is mainly through the Strait of Hormuz. Over 90% of its LPG imports are from Middle East nations, which include Saudi Arabia, Qatar, the UAE, and Kuwait.
The alternative routes taken by the country to import both liquid natural gas and LPG are from Norway, Algeria, Australia, and Canada.
ALSO READ: First Crude Oil Tanker Reaches Mumbai Via Strait of Hormuz Amid US-Iran War: Report
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
