The escalating conflict in West Asia has sent shockwaves through the global energy market, with the average price of crude oil imported by India surging to a staggering $156.29 per barrel. This marks a massive leap from $71.17 recorded on February 28. Despite this unprecedented volatility, the Indian government and oil marketing companies have assured citizens that retail prices for petrol and diesel will remain unchanged for now.

The strategic decision to hold prices comes as India’s refineries are operating at full capacity with sufficient crude reserves. While prices breached the $140 mark on March 16 and hit $156 by March 19, the government’s diversified sourcing strategy—importing from over 40 countries—has kept the domestic supply chain resilient. Unlike several neighboring nations facing acute fuel shortages, India remains in a stable position.

However, the LPG (Cooking Gas) sector is facing pressure. Following attacks on Qatar’s Ras Laffan industrial zone, nearly 47% of India’s LPG imports were impacted. To counter this, the government has diverted shipments from the USA, Russia, Australia, and Norway. An LPG vessel from the US has already docked at New Mangalore port to stabilize stocks. The Ministry has urged the public not to indulge in panic buying or hoarding, confirming that petrol and diesel inventories are more than adequate to meet national demand.