Why India is not raising fuel prices despite global spike
Despite global crude oil prices shooting up by almost 9% to $80 a barrel, India isn't raising petrol or diesel prices right now.
Fuel costs here have stayed the same since April 2022, with state-run companies absorbing the extra expense.
Even though India imports most of its oil (about 88%), the government is keeping things stable for consumers—for now.
Petroleum ministry is closely monitoring the situation
The recent price spike is linked to military action near the Strait of Hormuz, a key route for Indian oil imports.
The Union Petroleum and Natural Gas Ministry said it is "continuously monitoring the evolving situation and all steps will be taken in order to ensure availability and affordability of major petroleum products" (via a ministry post on X), and that the minister reviewed the supply situation with officials.
Meanwhile, the Commerce Ministry is working closely with logistics and trade teams to keep cargo moving smoothly despite these international tensions.