Petroleum ministry officials assured a parliamentary panel that India has 78 days of crude stock and no LPG shortage amid concerns over fuel station queues. Officials also reported 37 India-bound ships stranded in the Persian Gulf due to disruptions in the Strait of Hormuz.
The US has extended a sanctions waiver on Russian crude oil purchases for 30 days, aiming to stabilize global prices and aid energy-vulnerable nations. India affirmed it will continue imports based on commercial viability, regardless of the waiver status.
India's Ministry of Petroleum and Natural Gas has dismissed reports of a possible petrol and diesel price hike as "fake news" designed to create panic among citizens. The ministry stated that no such proposal is under consideration and highlighted that India remains the only country where fuel prices have remained unchanged for four years. The government has taken measures including excise duty cuts of Rs 10 per litre to shield consumers from global energy shocks.
The Indian petroleum ministry has amended the Aviation Turbine Fuel (ATF) order to permit synthetic fuel blending. Meanwhile, Indian Oil Corporation officials confirmed that domestic fuel stocks remain stable despite supply chain concerns linked to Middle Eastern geopolitical tensions.
Iran has closed the Strait of Hormuz again after declaring it open, following the US blockade of ships heading to or out of Iranian ports. Two Indian-flagged vessels, Sanmar Herald and Jag Arnav, came under fire from Iran's IRGC and were forced to turn back. India summoned the Iranian ambassador to convey deep concern. Around 17 vessels including LPG and LNG carriers have been identified for evacuation, while LPG supplies face disruption. India has stepped up Russian crude imports to mitigate the crisis.
