An immediate surge in petrol and diesel prices are unlikely amid a steep increase in crude prices across the globe, top government sources told NDTV Profit, adding that India continues to be in a "comfortable position" despite the US-Israel conflict raising cloud over maritime flows.
This came hours after Brent, the global crude oil benchmark, peaked by over 25% to hit a high of $120 per barrel, but corrected hours later to hover around $100-mark.
India's stock position with regards to crude oil remians comfortable, the sources said.
The persons, privy to the developments, said the expectation is that crude oi prices will remain around $100 per barrel. The government has thought about all kind of scenarios for oil, and has accelerated sourcing crude from routes other than the Strait of Hormuz, they added.
The government has no shortage of any kind of fuel, and that retail prices for petrol and diesel will not be hiked, they added.
India also has adequate aviation turbine fuel (ATF) stock, and is producing its own while also engaging in exports, the sources further said, while adding that the country is better placed as compared to several of its peers in this regard.
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