New Delhi | March 9 | SKY LINK TIMES
Petrol & Diesel Prices Unlikely to Rise in India:
Petrol and diesel prices unlikely to rise in India in the immediate future despite global crude oil prices surging past $110 per barrel amid escalating tensions in the Middle East, according to government sources.
The surge in crude oil prices follows supply disruptions near the Strait of Hormuz, one of the world’s most critical oil shipping routes. However, the Indian government is reportedly expecting state-run oil marketing companies (OMCs) to absorb the cost impact for now, allowing domestic fuel prices to remain stable.
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Global Oil Prices Cross $110
International oil benchmarks witnessed a sharp rise over the past few days.
West Texas Intermediate (WTI) crude climbed about 27 percent to nearly $116 per barrel, while Brent crude also surged around 28 percent to $116, marking the first time since 2022 that both benchmarks have crossed the $100 mark.
The sudden increase in prices comes as geopolitical tensions in the Middle East intensify, raising concerns about disruptions in global oil supply chains.
One of the key triggers for the spike has been instability around the Strait of Hormuz, a vital maritime corridor through which a significant portion of the world’s oil shipments pass.
India’s Energy Supply Position Improving
Government sources also stated that India’s energy stock situation has improved, providing confidence that the country can manage potential supply disruptions.
India has been actively diversifying its crude oil imports to reduce dependence on vulnerable routes such as the Strait of Hormuz.
Previously, around 60 percent of India’s crude oil imports came from sources outside the Strait of Hormuz, but that share has now increased to approximately 70 percent, reflecting a strategic shift in supply chains.
Officials also confirmed that the first cargo shipment has already started moving through the Strait of Hormuz, suggesting that supply flows may gradually stabilise.
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Warning of Further Oil Price Surge
However, global energy experts continue to warn of potential risks if the geopolitical situation worsens.
Qatar’s Energy Minister Saad al-Kaabi recently cautioned that if the Middle East conflict continues for several more days, Gulf exporters could declare force majeure, potentially halting deliveries.
Such a scenario could push crude oil prices as high as $150 per barrel, while natural gas prices could rise to $40 per MMBtu within weeks.
Meanwhile, U.S. President Donald Trump defended the temporary rise in oil prices, stating that the spike was a short-term consequence of efforts to counter Iran’s nuclear threat.
For now, Indian consumers appear to have received temporary relief, as petrol and diesel prices are expected to remain stable despite global market volatility.
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