NEW DELHI: Amid fears of a scarcity in crude provides, govt is trying to nudge refiners to divert extra auto gasoline and LPG to the home market by reducing on exports and in addition improve cooking fuel manufacturing in order that there isn’t any disruption in native provides.While govt and oil firms insisted there’s no scarcity, refiners are alternate sources to partially compensate for crude coming from war-hit West Asia.
The pressure has led to a spike in oil and fuel costs, and given India’s dependence on imports, inflating the import invoice and stoking inflationary pressures. Officials, nevertheless, mentioned retail gasoline costs could not rise instantly, as oil advertising firms comply with a calibrated strategy — absorbing losses when international costs are excessive and recouping them when costs soften. Retail petrol and diesel costs have remained unchanged since April 2022.Mantri meets oil cos to evaluate availability of crude and fuelOn a day when Iranian drones broken a part of Saudi Aramco refinery and Qatar Energy’s amenities, the world’s largest LNG producer, introduced an export pause, petroleum minister Hardeep Singh Puri and his group of officers met oil firms on Monday to evaluate the provision of crude and fuel. “We are continuously monitoring the evolving situation, and all steps will be taken to ensure availability and affordability of major petroleum products in the country,” the oil ministry mentioned in a submit on X.India imports almost 90% of its crude requirement. It additionally meets 60-65% of its LPG demand and about 60% of its LNG wants by imports, largely from West Asia, with shipments routed by way of Strait of Hormuz, which dangers being choked as a result of conflict.
According to the International Energy Agency, in 2023, 5.9% of the nation’s manufacturing was being exported. Between April and Dec 2025, India exported petroleum merchandise value almost $330 billion, with the Netherlands, UAE, the US, Singapore, Australia and China being the primary locations. In 2024, it additionally exported petroleum fuel value $454 million, principally to Nepal, China, and Myanmar. The Reliance refinery in Jamnagar is the most important exporter within the nation.An oil firm government mentioned refiners are already in touch with merchants to tie up capacities amid fears of the blockade of Strait of Hormuz. By Monday, the worldwide market had caught the jitters from Qatar’s resolution to droop fuel shipments.An oil government mentioned whereas disruption might trigger difficulties within the fast time period, Indian gamers had a large portfolio that they’ll faucet for LNG, together with the US, with vessels being routed by the Suez Canal.“Even if there is a force majeure, we have other sources of supply, which we can tap. Besides, no one is going to stop supplies indefinitely,” the chief mentioned. While oil and fuel costs rose Monday, the main focus is on making certain that offer strains stay open.
