The US-Iran war effect is now impacting global crude oil markets, but the Indian government says petrol and diesel prices will stay stable for now. Officials stated that even with rising international oil prices, India is working to protect consumers from sudden fuel price hikes.
Due to the US-Iran war effect, global crude oil prices have increased sharply. Prices reportedly moved from around $70 per barrel to nearly $120, adding pressure on oil marketing companies in India. However, the government has decided to keep domestic fuel prices unchanged to ease the burden on the public.
The Petroleum Ministry revealed that state-run oil companies are facing losses of about ₹30,000 crore every month. They are buying crude oil at higher rates but selling fuel at controlled prices. The Centre also reduced excise duty, which caused a revenue loss of nearly ₹14,000 crore per month.
Officials confirmed that there is no shortage of petrol, diesel, or LPG in the country. Refineries continue full production, and strict monitoring is in place to stop hoarding and black marketing.
Despite market speculation, the government denied any immediate plan for fuel price hikes.
