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The Centre has hiked the prices of petrol and diesel by Rs 3 per litre each on Friday across the country.
In New Delhi, the petrol prices rose from Rs 94.77 to Rs 97.77 per litre, while diesel prices increased from Rs 87.67 to Rs 90.67 per litre. This comes amid a call for fuel conservation as the world faces an energy crisis amid the West Asia conflict, which led to a blockade in the significant maritime trade route, the Strait of Hormuz. The Brent oil prices have been at a record high in the wake of the US-Israel and Iran war, which began on February 28 this year. The Brent oil price has been hovering over USD 100 per barrel as the US and Iran are attempting to mediate for a long-term ceasefire in the region. The widening of the ambit of the war engulfed the West Asian countries, which are major suppliers of fuel. However, India has maintained that there is no shortage of fuel and has adequate energy supplies. On May 12, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said India ensured stable fuel prices and uninterrupted energy supplies despite global disruptions and rising crude oil prices, while significantly boosting domestic LPG production to meet growing demand. Addressing the CII Annual Business Summit 2026, Puri highlighted India's resilience in handling global energy shocks through strong policy coordination and effective supply management. "At a time of global supply shocks and rising crude prices, India ensured seamless availability of petrol, diesel, and LPG across the country, with no reports of shortages. Despite sharp global volatility, fuel prices have largely remained unchanged since 2022, reflecting strong policy coordination and effective supply management," the minister said. Ministry of Petroleum and Natural Gas had also said the government has taken several effective measures to ensure uninterrupted fuel supplies for consumers and that the crude oil inventories remain stable, refineries are operating at optimum levels, and adequate stocks of petrol, diesel and LPG are available across the country with no reported dry-outs. (ANI)
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