India’s energy stock position is improving as the situation in the Middle East stabilises following tensions linked to the Iran–Israel–US tensions, government sources said on Saturday, adding that petrol and diesel prices will not be increased in the country. The Centre has also said that recent reviews of the regional situation have strengthened confidence about maintaining stable fuel supplies.
“The energy stock position of India is improving. As the situation is improving, that is giving us greater confidence. Government sources reaffirm that Petrol and Diesel prices will not increase. India has ramped up 10 per cent of its crude imports from sources other than Straight of Hormuz. 60 per cent of crude oil import, which were sourced from other than the Straits of Hormuz has now increased from 60 per cent to 70 per cent,” sources said.
Centre refutes Congress allegations
Responding to allegations by Indian National Congress over a reported increase in LPG prices, government sources said the claims were incorrect. “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,” government sources said.
Sources also said cargo movement near the Strait of Hormuz has begun to resume after Iran pledged not to target neighbouring countries unless attacks originate from their territories.
“In our review meetings, we are getting the sense that our energy stocks are getting better. At one stage we were concerned for our LPG Stocks, but now we are at better situation. Qatar has assured us that it will resume supplies to India as soon as the route reopens. We have surplus stock of LNG. We have got offer of LNG from a large number of countries,” they added.
India will buy oil at competitive prices
Earlier in the day, the Centre reiterated that India will continue to purchase crude oil from any source offering the most competitive prices, even as tensions persist along the Strait of Hormuz amid the Iran-US-Israel conflict.
In a statement, the government said India’s energy supplies remain secure despite the disruptions. “Despite rising tensions on the Hormuz Route, India’s energy supply remains secure and stable. India has diversified its crude oil sources from 27 to 40 countries, ensuring multiple alternative supply routes. In the national interest, India purchases oil from wherever the most competitive and affordable rates are available,” the Centre said in a statement.