India has moved to calm fears over fuel shortages as global oil prices surge due to tensions in West Asia, with the government confirming that crude oil supplies are secure for at least the next two months.
At a high-level briefing, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said the country’s energy system remains stable despite international volatility. She stated that refineries across India are running at peak capacity and there have been no reports of fuel shortages at petrol pumps.
The reassurance comes at a time when Brent crude prices have jumped sharply, rising from around $70 per barrel just two months ago to over $100 per barrel now. Despite this spike, the government has decided not to pass the burden onto consumers, keeping petrol and diesel prices unchanged.
Officials highlighted that fuel prices have remained largely stable since April 2022, with even a ₹2 reduction implemented in March 2024 still continuing. This stability, however, has come at a cost, as oil marketing companies are facing financial pressure due to under-recoveries while selling fuel at controlled prices.
To manage the situation, the government has taken key steps, including reducing excise duties earlier and imposing export levies on products like diesel and aviation turbine fuel to ensure sufficient domestic availability.
The government also addressed concerns about panic buying, urging citizens not to rush to fuel stations, assuring that supplies are adequate and distribution is running smoothly nationwide.
On the natural gas front, authorities confirmed uninterrupted supply for both households and CNG transport. Expansion of the gas network is also continuing rapidly, with lakhs of new connections added and registered in recent weeks.
Meanwhile, LPG remains another area of concern globally, as international prices have surged significantly. Despite India’s heavy dependence on imports for around 60% of its LPG needs, domestic cylinder prices have not been increased, offering relief to households.
