Business News | Govt Sources Reaffirm Petrol and Diesel Prices Will Not Increase
Get latest articles and stories on Business at LatestLY. Government sources have signalled an improvement in India's energy security, noting that the nation's stock levels are on an upward trajectory despite the volatility in West Asia. Officials indicated that recent assessments have provided the administration with a much-needed cushion, stating that "Energy stock position of India is improving" and that "As the situation is improving that is giving us greater confidence." This positive trend was further emphasised during high-level internal evaluations, with sources adding that "In our review meetings we are getting sense that our energy stocks are getting better."
New Delhi [India], March 7 (ANI): Government sources have once again reassured domestic consumers about energy prices by explicitly ruling out any immediate increase in the cost of transport fuels.
Sources confirmed that "petrol and diesel prices will not increase."
Also Read | Sehri Time and Iftar Time Today, March 8: Timings for 18th Roza of Ramzan 2026 in Mumbai, Delhi and More.
To reinforce this commitment to the public, they reiterated their stance, saying, "Today we again assure that prices of Petrol and Diesel will not increase."
Talking about energy stock in the country, government sources have noted that the nation's stock levels are on an upward trajectory despite the volatility in West Asia.
Officials indicated that recent assessments have provided the administration with a much-needed cushion, stating that "Energy stock position of India is improving" and that "As the situation is improving, that is giving us greater confidence."
This positive trend was further emphasised during high-level internal evaluations, with sources adding that "In our review meetings, we are getting the sense that our energy stocks are getting better."
The government also took the opportunity to address allegations by Congress regarding the pricing of Liquefied Petroleum Gas (LPG), dismissing claims of a price hike as a misinterpretation of official statements. Sources clarified that their previous assurances regarding price freezes were never intended to cover cooking gas, stating that "Their allegation is completely baseless. This was only said for petrol and diesel. It was not in reference with LPG."
Furthermore, they noted, "At one stage we were concerned for our LPG Stocks, but now we are at better situation."
Addressing concerns over supply chain vulnerabilities, the government has successfully reduced its reliance on the volatile Strait of Hormuz by diversifying its import routes. Sources explained that India has redirected a significant portion of its procurement to ensure a steady flow of oil, noting that "India has ramped up 10 per cent of its crude imports from sources other than the Strait of Hormuz."
This strategic shift is reflected in the overall import data, with officials highlighting that "60 per cent of Crude Oil import which was sourced from other than Straits of Hormuz has now increased from 60 per cent to 70 per cent." (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)