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No Petrol-Diesel Price Hike for Now, Big relief for consumers

Sweta Mitra
By Sweta Mitra
3 min read
Published: 06 Mar 2026
Petrol-diesel price

Petrol Diesel LPG Latest Updates: In light of escalating tensions in West Asia, crude oil prices are on the rise in the global market. The ongoing six-day conflict involving the US, Israel, and Iran has led to a nearly 16 percent increase in crude oil prices, pushing them above $85 per barrel. Today, Brent crude has reached $85.41 per barrel. The Modi government has reassured that this spike in crude oil prices will not impact Indian consumers.

The central government has stated that India possesses ample oil and gas reserves. Despite the increase in international oil prices, there will be no rise in prices within India for the time being. The Petroleum Ministry has indicated that India is not solely reliant on Qatar for LPG, as Australia and Canada have also stepped in to offer gas supplies.

India explores new markets

The ministry asserts that India is actively seeking new markets to bolster its energy security. A senior official mentioned, “We are in touch with all stakeholders in this sector.” In the meantime, the government has ramped up crude oil imports from Russia and has started importing around ten times the total LPG consumption from the United States.

Impact of Qatar’s decision

Qatar has completely ceased its gas production due to the US-Israel-Iran conflict. Currently, India imports 195 million metric standard cubic meters of gas, with only 60 mmscm, or about 30%, sourced from Qatar. The government is taking steps to address this shortfall. If needed, gas companies can prioritize supplies to industries.

Domestic gas supply not affected

The government assures that even in the event of a gas shortage, domestic consumers, including those using PNG and CNG, will not be impacted. Industries have access to alternative energy sources, allowing companies to supply gas to them as a priority. However, such a situation has not yet occurred. The ministry reports that India has over 25 days’ worth of crude oil and 25 days’ worth of petrol and diesel. A senior official stated, “We are in ongoing communication with other nations and suppliers. The situation remains completely normal. There is currently no shortage of LPG, CNG, or LNG in the country.”

Iran’s threat to close the Strait of Hormuz will not have a significant impact on India. The Ministry of Shipping states that 40 percent of India’s total imports pass through the Strait of Hormuz. The remaining 60 percent come through other routes. To compensate, India has increased its imports through safer routes. Government strategists believe that the price of crude oil reached $84 per barrel during the six-day war. If the war continues for a few more days, prices could reach $90. However, prices will fall once the fighting ends, as there is a large amount of crude oil available in the international market. There is no shortage of oil.

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