After the attacks by America and Israel on Iran and counter-attacks by Tehran, there has been an increase of about 9 percent in the price of crude oil in the international market. After which speculations have started in the country that there may be an increase in the prices of petrol and diesel in the country in the coming days. It is estimated that due to deepening of the Middle East crisis, crude oil prices may cross $100 per barrel. After which there will definitely be an increase in the prices of petrol and diesel from the petroleum companies. But some more news is coming out from the government. Which can provide great relief to the common people.
However, Brent crude, the crude oil of Gulf countries, has reached close to $ 80 per barrel, while US-traded crude oil has increased by 8.6 percent to $ 72.79, which was around US $ 67 on Friday. For India, which imports 88 percent of its crude oil requirements, higher global prices translate into larger import costs and potential inflationary pressures. Let us also tell you what kind of news is coming out from the sources.
Signs of great relief to common people
However, retail fuel prices are unlikely to rise immediately as the government allows companies to make margins when international prices are low and is following a deliberate policy of providing relief to consumers when rates rise, sources said. Retail prices of petrol and diesel have remained stable since April 2022.
Petroleum companies like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) are incurring losses when prices are high and making profits when rates are low. With assembly elections round the corner in important states like West Bengal, Tamil Nadu and Assam, the government does not want anything that the opposition can take advantage of.
Minister held a meeting with officials
Amid escalating military conflict in West Asia, Petroleum Minister Hardeep Singh Puri on Monday reviewed the situation on crude oil, LPG and other petroleum products with senior officials of his ministry and public sector companies. India meets 88 percent of its crude oil needs and almost half of its natural gas needs through imports. They mostly come through the Strait of Hormuz, which Iranian authorities have threatened to close following attacks by the US and Israel.
In view of ongoing geopolitical developments in the Middle East, the Minister of Petroleum & Natural Gas reviewed the supply situation for crude oil, LPG, and other petroleum products with senior officials from the Ministry and PSUs.
We are continuously monitoring the evolving pic.twitter.com/N4tZHktXSM
— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin) March 2, 2026
Information received from the ministry
The ministry said in a post on Twitter that 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. Following the US and Israeli attacks, Iran has warned against shipping through the strait and insurance companies have withdrawn cover, effectively halting tanker movements. India – the world’s third largest oil importer – imports almost half of its oil needs through the narrow strait.