Govt says no petrol-diesel price hike for now, may consider buying Russian LNG
India Today
The reassurances come as the conflict in West Asia has impacted oil supply and shipping routes. According to sources, India's petroleum reserves are increasing "day by day", helping cushion the country from potential supply shocks linked to the crisis.
India’s fuel stocks are rising steadily despite turmoil in the Middle East, and there are currently no plans to increase retail prices of petrol and diesel, news agency Reuters reported citing government sources.
The reassurances come as the conflict in West Asia has impacted oil supply and shipping routes. According to sources, India’s petroleum reserves are increasing “day by day”, helping cushion the country from potential supply shocks linked to the crisis.
India could consider buying liquefied natural gas from Russia if such supplies are offered, as New Delhi looks to secure additional energy options during the volatile period.
At the same time, state-run refiner Indian Oil Corporation has booked several crude oil cargoes from Yanbu, a major oil export hub in Saudi Arabia, according to the sources.
The government, however, has no immediate plans to raise retail fuel prices despite the uncertainty in international markets.
This is a developing story. It will be updated.
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