Regular retail prices for petrol, diesel left unchanged: Govt

In the light of the ongoing developments in West Asia, the Union government on Wednesday said India is maintaining sufficient stocks of petrol and diesel, adding that all refineries are operating at high capacity, with adequate crude inventories in place.

Addressing an inter-ministerial briefing in the national capital on the situation arising out of the conflict in West Asia, Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, said, “Regular retail prices for petrol and diesel are unchanged.”

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“Petrol and diesel prices have not been increased since April 6, 2022, and in March 2024, prices were reduced by Rs 2, which continues to remain in effect,” she stated.

Sharma further mentioned that to shield domestic consumers from fluctuations in international prices, the Government of India has reduced excise duty to prevent any rise in fuel prices. “Despite these efforts, petrol and diesel prices have been kept stable, resulting in under-recoveries for Oil Marketing Companies (OMCs) on both fuels,” she said.

Sharma said to ensure adequate availability of ATF and diesel in the domestic market, the Government of India has also imposed an export levy.

“Citizens are advised to avoid panic buying,” she stated.

“In the case of natural gas, 100 per cent supply has been ensured for domestic consumers and CNG transport. Additionally, several important steps have been taken to expand the PNG network,” Sharma stated.

She said in the month of March, approximately 3,25,000 new gas connections were provided, around 2,85,000 new connections were issued, and nearly 3,50,000 consumers registered for new connections.

Sharma mentioned that the Middle East crisis has resulted in an abnormal increase in crude prices. To protect consumers, the Government of India has reduced excise duties on petrol and diesel by Rs. 10 per litre, she said.

The Government has imposed an export levy of Rs. 21.5 per litre on diesel and Rs. 29.5 per litre on aviation turbine fuel (ATF) to ensure domestic availability, she said.

“Instances of panic buying due to rumours have been noticed in certain areas, resulting in unusually high sales and crowding at retail outlets. However, adequate stocks of petrol and diesel are available across all petrol pumps in the country. The Government has reiterated its advice not to believe rumours and has requested State Governments to disseminate correct information through press briefings,” Sharma added.