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India Will Not Raise Petrol Prices Despite Global Crude Headwinds: Government Sources
The government cites adequate fuel stocks and financial cushioning of oil companies to hold prices despite crude oil surpassing $100 per barrel amid global tensions.
- Holding retail petrol and diesel prices, top government sources said India will not raise prices for now on March 9, 2026, The Hindu reported with PTI inputs.
- Escalating tensions in West Asia pushed benchmark Brent crude futures 11.7% higher to $103.51, with an intraday peak of $119.5 per barrel amid global energy supply concerns.
- Oil Marketing Companies were asked to absorb rising crude costs as officials said OMCs currently have a financial cushion, citing a mid‑2022 crude range when Delhi petrol price was Rs 96.72.
- For now, consumers see no immediate pump-price rise as retail fuel rates remained unchanged—petrol in Mumbai Rs 103.49 and diesel Rs 90.01—while the government says stocks are adequate and has increased LPG booking to 25 days.
- If crude remains elevated, OMC margins could be squeezed and global markets may stay volatile, as Asian equities decline and inflation risks rise, market reports suggest.
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Last year, the Reserve Bank had estimated that if the entire burden of a 10% increase in crude oil prices is passed on to the common people, it would lead to an increase in inflation by 30 basis points and a decrease in growth by 15 basis points.
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The Economic Times
The Economic TimesNo immediate hike in petrol, diesel prices despite crude crossing $100/barrel
New Delhi, Mar 9 (PTI) Petrol and diesel prices will not be increased for now despite international crude oil rates crossing USD 100 per barrel, top government sources said on Monday. Officials said the government is closely monitoring global oil markets, but there is no immediate plan to raise retail fuel prices. Oil marketing companies […]
·New Delhi, India
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Coverage Details
Total News Sources13
Leaning Left1Leaning Right4Center0Last UpdatedBias Distribution80% Right
Bias Distribution
- 80% of the sources lean Right
80% Right
L 20%
R 80%
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