Crude oil prices have nearly doubled to USD 116 per barrel amid the West Asia crisis, a government official said. Despite the surge, domestic fuel supply remains stable, and prices in India are relatively lower than in neighboring countries.
Crude Oil Prices Double Amid West Asia Crisis
Crude oil prices have nearly doubled amid the ongoing West Asia crisis, rising from around USD 63 per barrel in January to an average of USD 116 per barrel in April, even as domestic fuel supply remains stable, a senior government official said on Tuesday.
“If you see, in January, our Indian crude basket was around USD 63 per barrel. Which increased to USD 113 per barrel in March and in April, the average is around USD 116 per barrel,” said Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum and Natural Gas, during an inter-ministerial briefing.
Domestic Fuel Supply Remains Stable
Despite the sharp rise in global prices and volatility, Sharma said India continues to maintain relatively lower fuel prices compared to neighbouring countries. “Our prices among our neighboring countries are one of the lowest,” she noted.
LPG and Natural Gas Availability
On supply, Sharma said domestic LPG availability remains unaffected. “The domestic LPG supply for the domestic kitchen is normal with respect to the bookings, and there is no dry-out reported on any LPG distributor,” she said, adding that delivery efficiency currently stands at 93 per cent.
She acknowledged some fluctuations in demand, stating, “There has been some reduction in online booking. It is in the range of 45-46 lakh per day,” while noting that commercial LPG supply has been largely restored.
Highlighting consumption trends, Sharma said that in April so far, “there has been a sale of 1,23,000 tonnes of commercial LPG… yesterday, there was a sale of 8,822 tonnes.”
The government has also expanded access to smaller cylinders for migrant populations. “The Indian government has doubled the number of 5-kilo cylinders… since April 3, there have been 7,400 awareness camps,” she said, adding that “more than 1,07,000 5-kilo cylinders have been sold so far.”
On natural gas, Sharma said supply remains stable. “Domestic PNG supply and CNG transport have been maintained 100 per cent,” she stated, adding that over “5,68,000 new consumers have been registered for PNG connections.”
She also noted a shift among consumers, with “more than 39,400 PNG consumers… surrendering their LPG connections.”
Government Assures on Fuel Availability, Steps Up Enforcement
Reassuring on overall fuel availability, Sharma said, “Retail supply is also normal. No dry out of any product has been reported on any petrol pump,” while adding that “our refineries are operating at optimum capacity and crude inventory is also sufficient.”
The government has stepped up enforcement to prevent disruptions, with “more than 2200 surprise inspections and raids… carried out yesterday,” she said, adding that action has been taken wherever irregularities were found.
The briefing comes as the government continues to monitor the impact of geopolitical tensions in West Asia on energy markets and domestic supply chains.
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)