Government sources said fuel prices in India will not rise as the country’s energy stock position improves. New Delhi has increased crude imports by 10% from sources outside the Strait of Hormuz to reduce supply risks.

Central government sources assured on Saturday, March 7, that the petrol and diesel prices in the country will not increase since India’s energy stock position is improving. Speaking to ANI, the government sources said New Delhi has ramped up 10% of its crude oil imports from sources other than the Strait of Hormuz.

The development comes days after Iran’s Islamic Revolutionary Guards Corps (IRGC) announced the closure of the Strait of Hormuz, a key waterway, responsible for roughly 20% of the world’s petroleum consumption, after the US and Israel launched strikes at Iran on 28 February and targeted the country’s military and naval forces, and killing several of its top clerical leaders, along with Supreme Leader Ayatollah Ali Khamenei.

According to a BBC report, nearly half of India’s crude oil imports, along with a large share of its liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipments, pass through the Strait of Hormuz. In 2025, India imported nearly 25 million tonnes of LNG, roughly 14 million tonnes of it via Hormuz, placing it among the world’s largest LNG buyers alongside China, Japan, and South Korea.

The government sources said that other than the Strait of Hormuz, nearly 60% of India’s crude oil imports were sourced from other alternatives, and added that the import has now increased from 60% to 70%.

Energy stocks getting better: Govt sources

The government sources said that in our review meetings, “we are getting the sense that our energy stocks are getting better,” adding that at one point, they were concerned about the LPG stocks. Qatar has reportedly assured India that it will resume supplies as soon as the route reopens. Reassuring the people, the sources said India has a surplus stock of LNG and has also received an offer of LNG from several other countries.

Cargo movement from the Strait of Hormuz resumes

The sources also added that cargo movement has started from the Strait of Hormuz. This comes after Iran pledged not to target neighbours unless attacked from their territory. Earlier today, Iranian President Masoud Pezeshkian, in a video message, apologised to the Gulf countries for the attacks launched at them, adding that the country’s interim leadership council has advised the armed forces not to target their neighbours, unless attacked from their territory.

Congress’ allegation on the LPG price increase is baseless

Dismissing the allegations levelled by the Congress party, the central government sources called it “baseless,” and added that this was only said for petrol and diesel and was not related to LPG.

Congress President Mallikarjun Kharge on Saturday launched a scathing attack on the Central government after a sharp increase in the price of LPG cylinders was reported. In a post on X, Kharge said that the domestic LPG rates have been hiked by ₹60, whereas the commercial LPG cylinders’ price has been hiked by ₹115.

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