NEW DELHI : For now, there may be no fresh burden at the fuel pump. Government sources told Business Today that petrol and diesel prices are unlikely to increase despite elevated and volatile crude oil prices.
The government is closely watching the global oil market, with crude prices expected to remain uncertain until the US midterm elections. The situation around the Strait of Hormuz is also being monitored, as keeping fuel flows through the key shipping route open remains a priority.
India is also using diplomatic channels to support the smooth movement of fuel through the region. The government is keeping its options open, including providing financial support to oil marketing companies (OMCs) if required to prevent higher international crude costs from being passed on to consumers.
Energy security continues to be a priority for the government. It is also looking at ways to diversify crude supplies and reduce risks linked to dependence on any particular source. Iraq and Saudi Arabia are among the countries being considered for greater crude sourcing.
The government is keeping a close watch on the global situation as tensions around the Hormuz route continue to create uncertainty for energy markets.
For consumers, the immediate takeaway is that there is no petrol or diesel price hike on the cards despite high crude prices. The government appears focused on managing the impact of global oil market volatility while ensuring that domestic fuel supplies remain stable.
The situation, however, remains fluid, and future fuel prices will depend on how crude prices and supply conditions develop in the coming weeks.
Meanwhile, petrol and diesel prices remained unchanged across major Indian cities on September 23, even as Brent Crude traded around $99 a barrel.
