New Delhi [India], March 9 : Petrol and diesel prices in India are unlikely to increase, unless and until crude oil prices breach the USD 130 per barrel mark, government sources said on Monday.
The fuel prices are unlikely to increase as India has enough stock, the sources said, adding that as per current projections, crude is expected to remain around USD 100 per barrel.
"We expect crude oil prices to be around USD 100 per barrel," one of the sources said, adding that there was no shortage of petrol and diesel at any pump in the country.
They further said that India has accelerated crude sourcing from routes outside the Strait of Hormuz to lessen any risks of supply disruptions.
Further, the said sources indicated that India, a producer and exporter of Aviation Turbine Fuel (ATF) has enough stock of ATF and there was "no need to panic over aviation fuel supplies."
India, the sources said, is placed in a better position than other countries in overseeing the evolving energy landscape.
Last week, Government sources had said that Australia and Canada have offered to sell gas to India as the country looks for other alternative energy sources amid the escalating West Asia conflict.
The government, they said, is scouting for alternative markets to buy gas, as India currently imports 195 million metric standard cubic metres per day (mmscmd) of gas, of which Qatar supplies 60 million mmscmd.
India is also in talks with major oil producers and traders to buy crude and LPG. Sources said the government is in discussions with the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).
Separately, sources said today (March 9) in order to stop hoarding and black marketing, the government has increased the minimum waiting period for booking domestic LPG gas cylinder refill to 25 days from the existing 21 days.
"There were instances that people who were earlier booking LPG cylinders in 55 days have started booking cylinders in 15 days," they said.
The government has ordered refineries to boost LPG output and also ordered to prioritise domestic LPG over commercial connections.
"Domestic consumers will always be a priority," the sources reaffirmed, as India scouts for more LPG partners. Countries like Algeria, Australia, Canada, Norway have approached to sell LPG to India, they added.