India Maintains Stable Fuel Supplies Amid Middle East Crisis

The Indian government said on Friday that the country has maintained stable fuel supplies and uninterrupted maritime operations despite the ongoing Middle East crisis. The government has taken measures such as excise duty cuts, increased LPG production, and promotion of PNG connections to shield consumers from price increases.

According to Sujata Sharma, joint secretary of the ministry of petroleum and natural gas, global crude prices have surged from around $70 per barrel to nearly $120 per barrel amid the conflict. Despite this, petrol prices in India remain around Rs 94.77 per litre, compared to nearly Rs 200 per litre in countries such as Germany, France, and the United Kingdom.

State-run oil companies are facing heavy losses, collectively absorbing losses of nearly Rs 700-1,000 crore per day to keep petrol, diesel, and LPG prices unchanged. The government has reduced excise duty on petrol and diesel to cushion the impact of soaring crude prices, absorbing nearly Rs 14,000 crore per month through tax cuts.

The ministry of ports, shipping, and waterways said all Indian seafarers in the Gulf region remain safe, and no incident involving Indian-flagged vessels or foreign ships carrying Indian crew has been reported in the past 48 hours. Maritime operations across Indian ports continue normally, with no congestion or major disruptions reported.

The government will continue to monitor the situation and take necessary measures to ensure stable fuel supplies and prices. The ministry of petroleum and natural gas will review the situation regularly and make adjustments as needed to maintain stability in the energy market.