NO petrol-diesel price hike for now, Centre may consider buying Russian LNG, say reports

The Indian government has no plans to increase retail prices of petrol and diesel.

No Petrol-Diesel Price Hike For Now: Amid the escalating tensions in West Asia, the Indian government is not planning to increase retail prices of petrol and diesel. Fuel stocks are increasing steadily even after the Middle East conflict, news agency Reuters reported, citing government sources. The reported development has come amid the escalating conflict in West Asia which has affected the oil supply and impacted the shipping routes.

Several reports suggest that India’s petroleum reserves are increasing every day, creating a cushion for the country to endure potential supply shocks linked to the crisis.

Govt Sources: Energy stock position of India is improving. As the situation is improving, that is giving us greater confidence. Govt Sources reaffirm that Petrol and Diesel prices will not increase. India has ramped up 10 per cent of its crude imports from sources other than… pic.twitter.com/hkMbyKkRnL

— ANI (@ANI) March 7, 2026

India May Consider Buying Russian LNG

In order to secure additional energy option amid the ongoing tensions in the Middle East, the Indian government could consider purchasing Liquefied Natural Gas (LNG) from Russia, if it is willing to offer the supplies.

Meanwhile, Indian Oil Corporation has already reserved crude oil cargoes from Yanbu, India Today reported citing sources. It is worth noting that Yanbu is a major oil export hub in Saudi Arabia.

These steps clearly show that the Centre has no immediate plans to hike petrol and diesel prices despite the uncertainty in international markets.

Also Read: Iran-Israel war: India’s tensions rises as Russia hikes oil prices, Putin to now charge…

LPG Price Hiked By Rs 60

Amid all the developments, the price of domestic LPG cylinders has been increased by Rs 60 per cylinder, while the commercial cylinder has become costly by about Rs 115. The prices of LPG cylinders were hiked, citing the ongoing conflict in West Asia.

After the fresh revision, the price of a 14.2 kg cylinder (non-subsidised) has risen to 913 in Delhi, according to data on the website of Indian Oil Corporation.  The prices differ for beneficiaries of the Ujjwala scheme. The revised rate of the LPG cylinders came into effect today.

City	Price of Non-Subsidised 14.2-kg LPG Cylinder (Rs)
Delhi	913
Mumbai	912.50
Kolkata	939
Chennai	928.50

Ujjwala Beneficiaries Continue To Get Subsidy

It is to be noted that the beneficiaries of the Ujjwala scheme, Pradhan Mantri Ujjwala Yojana, will continue to receive the subsidy. It means that the beneficiaries will continue receiving the subsidy of Rs 300 on every 14.2-kg cylinder (up to 12 refills every year).

Pressure Blanketing Global Energy Markets

• The US, Israel and Iran conflict has started affecting global energy markets. The ongoing tensions have raised concerns regarding the long-term oil and gas supplies.
• According to experts, even if the conflict ends between US-Israel and Iran, the fuel prices may witness an increase for months due to damaged infrastructure, shipping disruptions and higher security risks.
• The ongoing conflict has already disturbed major supply routes.
• Attacks on ships have affected global oil and gas transport.
• International oil prices have crossed USD90 per barrel.

Note: This is a developing story and further details will be added.