Centre is unlikely to hike petrol and diesel prices in India unless crude oil prices breach USD 130 per barrel, the government sources said on Monday. The sources said that the crude prices are expected to be around USD 100 per barrel and reaffirmed that the country has enough stock.
“We expect crude oil prices to be around USD 100 per barrel,” ANI quoted one of the sources as saying. “No problem of shortage of petrol and diesel at any pump in the country.”
The US and Israeli attacks on Iran and the latter’s retaliation paralysed the energy supply route from Qatar, as the Strait of Hormuz, a key shipping corridor, has been severely impacted. Iran had warned that it would target any ships that pass through the Strait of Hormuz.
On Monday, the crude oil surged over 10 per cent to reach nearly USD 120 per barrel at one point in time before falling back to around USD 104.
Meanwhile, the sources have said that the government has accelerated sourcing crude other than the Strait of Hormuz route. They also sought to dismiss the concerns regarding the shortage of Aviation Turbine Fuel (ATF), saying, “India is a producer and exporter of ATF, no need to panic about ATF.”
LPG booking period increased to 25 days to stop hoarding and black marketing
The sources further informed that the booking period for LPG gas has been increased from 21 to 25 days to stop hoarding and black marketing.
“There were instances that people who were earlier booking LPG cylinders in 55 Days have started booking cylinders in 15 days,” they said.
The government has ordered refineries to boost LPG output and also ordered them to prioritise domestic LPG over commercial connections.
“Domestic consumers will always be a priority,” the sources reaffirmed, as New Delhi scouts for more LPG partners. Countries like Algeria, Australia, Canada, and Norway have approached to sell LPG to India, they added.