Middle East Crisis: Petrol, diesel prices unlikely to be hiked even if crude hits $120 per barrel, say government sources | DETAILS

Government sources told ET Now that India will not release its strategic oil reserves at the call of G7 countries, even as the group weighs the possibility of releasing reserves to stabilise global markets.

Sources also said petrol and diesel prices in India are unlikely to be hiked even if crude oil rises to $120 per barrel, adding that the country currently has sufficient crude stock.

Sources said ship movement through the Strait of Hormuz has reduced to three from around 138 daily. Moreover, they said India is not part of the ongoing conflict and will protect the rights of its consumers. Sources added that industrial use of LPG has been restricted and the government is exploring options to secure additional LPG supplies from Australia, Canada and the UAE.

Sources also said a 25-day waiting period for booking a second LPG cylinder has been imposed to discourage hoarding. They declined to comment on any policy decision related to imposing a windfall gains tax.

They further stated that India has sufficient aviation turbine fuel (ATF) to meet domestic requirements and that efforts are being made to protect the interests of CNG and PNG consumers. Domestic prioritisation measures are also being implemented to safeguard domestic consumers.

*List of Top Large Cap Equity Mutual Funds in India sorted by Returns