India will not raise petrol prices despite global crude headwinds: Government sources
The Hindu
India will maintain petrol prices despite rising global crude costs, ensuring sufficient supply and financial stability, government sources confirm.
India will not be raising the retail price of petrol, despite benchmark crude oil prices breaching $100 per barrel on Monday (March 9, 2026), a highly placed source in the Union government told The Hindu.
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“We have never increased retail prices during such upward fluctuations in the past,” they stated, adding, “[At present], OMCs have enough cushion and are financially comfortable.” Further, a top executive of a major domestic oil marketing company (OMC), also assured they were not experiencing any price pressure because of the upward pressure on crude prices.
At the time of writing (7:35 p.m. IST), benchmark Brent Crude futures (May 2026) have spiked 11.7% since their previous close and were trading at $103.51 for per barrel. Intraday, the benchmark had peaked to $119.5 for per barrel, scaling levels last reached during the commencement of Russian invasion of Ukraine.
Petrol prices had been largely untouched when the benchmark peaked to such levels between May and end-June 2022. Crude futures oscillated between $109.51 and $116.01 for every barrel during that period. However, petrol prices remained at ₹96.72 per litre in Delhi.
The government source also said India has “enough” aviation turbine fuel (ATF) stocks, without disclosing the quantity.
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