Kamal Ghorui
Amid concerns over global oil supply disruptions due to tensions in MIddle East, government sources on Saturday said India’s energy stock position is improving, adding that the situation has strengthened confidence about fuel supply stability in the country.According to government sources, the improvement in energy availability has reinforced the Centre’s position that petrol and diesel prices will not increase.“Energy stock position of India is improving. As the situation is improving, that is giving us greater confidence,” government sources said.This came after the price of a 14.2-kg domestic LPG cylinder has been raised by Rs 60, while the 19-kg commercial cylinder now costs Rs 115 more, with the revised rates coming into effect from Saturday, March 7.Officials also indicated that India has increased diversification of its crude oil imports to reduce reliance on the Strait of Hormuz, a critical shipping route that has faced disruptions amid the ongoing conflict in the region.Sources said that India has ramped up about 10 per cent of its crude imports from sources outside the Strait of Hormuz. As a result, the share of crude sourced from alternative routes has increased from around 60 per cent to nearly 70 per cent.The move is aimed at strengthening India’s energy security and ensuring stable supplies despite volatility in global oil markets.Responding to allegations by the Congress regarding a rise in LPG prices, government sources said the claims were misleading.“Their allegation is completely baseless. This was only said for petrol and diesel. It was not in reference to LPG. Today we again assure that prices of Petrol and Diesel will not increase,” the sources said.Officials added that the government continues to closely monitor developments in the global energy market while ensuring adequate domestic fuel supplies.Earlier, Congress leader Pawan Khera attacked the government over the increase in domestic and commercial LPG prices, questioning earlier assurances by petroleum minister Hardeep Singh Puri on fuel affordability.“Yesterday, @HardeepSPuri said: ‘Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably.’ Today, domestic LPG prices have been hiked by Rs 60, and commercial cylinder prices by Rs 115. Never believe a word of what Hardeep Singh Puri says……,” Khera wrote in a post on X.On Friday, Union minister for petroleum and natural gas Hardeep Singh Puri has sought to reassure consumers about energy availability, saying there is “no shortage” of energy in India.Also, US has issued a 30-day waiver allowing India to continue purchasing Russian oil, saying the move is aimed at stabilising global energy supplies. “To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” US Treasury Secretary Scott Bessent posted on X.
