Will petrol, diesel prices be hiked in India?Will the government increase petrol and diesel prices following increasing the prices of Liquified Petroleum Gas (LPS) cylinders? This is a question many in India want the answer to amid the Middle East Crisis.
Iran has restricted oil supplies from the Strait of Hormuz following its conflict with Israel. The oil crisis can deepen because of uncertainty about the end of the conflict. As a result, the government in India increased domestic LPG cylinder prices by Rs 60 while also increasing the LPG booking period from 21 days to 25 days. Can a similar hike in prices be seen in diesel and petrol rates?
Will petrol, diesel prices be hiked in India?Petrol and diesel prices will not be increased for now despite international crude oil rates crossing $100 per barrel, top government sources said on Monday, as per a Press Trust of India (PTI) report.

According to officials, there is no immediate plan to increase retail fuel prices, but the government is keeping a careful eye on the world’s oil markets. For the time being, it is anticipated that oil marketing businesses would bear the current cost strain, reports PTI.

What did the Minister of Petroleum and Natural Gas say?Hardeep Singh Puri, India’s Union Minister for Petroleum and Natural Gas has said in a social media post on X (formerly Twitter): “There is no shortage of energy in India and there is no cause of worry for our energy consumers.”
The Ministry of Petroleum and Natural Gas stated, “In light of current geopolitical disruptions to fuel supply and constraints on supply of LPG, the Ministry has issued orders to oil refineries for higher LPG production and using such extra production for domestic LPG use.”

Here is what petroleum companies said

Indian Oil
Indian Oil Corporation stated that steps have been taken to enhance LPG production and prioritise its availability for domestic consumers.
India Oil said in a social media post on X: “In light of current geopolitical disruptions affecting global fuel supply, steps have been taken to enhance LPG production and prioritise its availability for domestic consumers and essential non-domestic sectors such as hospitals and educational institutions. Requests from other non-domestic sectors will be reviewed by a committee of Executive Directors from Oil Marketing Companies and prioritised based on merit, necessity and product availability.”

Hindustan Petroleum Corporation said that steps have been taken to enhance LPG production and prioritise its availability for domestic consumers and essential non-domestic sectors such as hospitals and educational institutions.
Government invokes Essential Commodities Act (EC Act)

Meanwhile, the central government on Tuesday invoked the Essential Commodities Act (EC Act) to ensure uninterrupted supply of domestic cooking gas amid the ongoing conflict in the Middle East that has disrupted the oil and gas supply.

What is the Essential Commodities Act?The Department of Consumer Affairs administers ‘The Essential Commodities Act, 1955 (EC Act)’ and ‘Prevention of Blackmarketing and Maintenance of Supplies of Essential Commodities Act, 1980 (PBMMSEC Act)’. The Central Government is consistently following the policy of removing all unnecessary restrictions on movement of goods across tate boundaries as part of the process of globalisation simultaneously with the pruning of the list of essential commodities under the said Act to promote consumer interest and free trade. At present, there are seven (7) commodities scheduled under the EC Act, 1955, as essential.