Petrol and diesel prices in India are unlikely to rise immediately despite global crude oil prices crossing $110 per barrel amid escalating tensions in the Middle East and concerns over supply disruptions.
Government sources said state-run oil marketing companies (OMCs) will absorb the impact of rising international crude oil prices for now.
As a result, fuel prices at petrol pumps across the country are expected to remain unchanged in the near term, even though OMCs may face lower profit margins.
Global crude oil prices have surged amid geopolitical tensions in the Middle East.
West Texas Intermediate (WTI) crude rose about 27 per cent to $116 per barrel, while Brent crude climbed nearly 28 per cent to the same level, marking the first time since 2022 that both benchmarks have crossed $100 per barrel.
The spike follows escalating hostilities and supply concerns around the strategic Strait of Hormuz, a key global oil shipping route.
Despite the surge, petrol and diesel prices in India have remained stable, as the government has occasionally asked oil companies to absorb fluctuations during periods of high volatility.
Officials said India’s energy stock position has improved, giving the government greater confidence in maintaining stable fuel supplies.
Authorities have also diversified crude oil imports to reduce dependence on vulnerable routes.
Sources said the share of India’s crude imports from outside the Strait of Hormuz has increased from about 60 per cent to nearly 70 per cent.
Meanwhile, Qatar’s Energy Minister Saad al-Kaabi warned that prolonged conflict in the Middle East could push oil prices to $150 per barrel, while US President Donald Trump called the price rise a temporary cost linked to confronting Iran’s nuclear threat.
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