Due to the ongoing war in the Middle East, a huge jump in energy prices was recorded in the international market. Crude oil prices have increased from $66 per barrel to around $100, while Liquefied Natural Gas (LNG) rates have also more than doubled to $24-25 per British thermal unit. At present, there is no possibility of increase in the prices of petrol and diesel in the country.
How many days of petrol and diesel stock in India?
According to government sources, India currently has 25 days of crude and 25 days of finished goods i.e. petrol, diesel and other fuels. At present there will be no impact on consumers regarding the availability of LPG cylinders. As soon as there was a signal from the G7 that they could release the stock, the price of crude oil, which had suddenly started skyrocketing in the morning, came down slightly in the evening.
Rise in crude oil prices
Looking at the current situation, the price of crude oil is likely to remain around $100. If for some reason it increases, the price may go up to $125-130, but then fall to around $100. 40 percent of the fuel comes to India through the Strait of Hormuz while 60 percent reaches through different routes. At present we are getting fuel from other routes also. According to sources, the aviation industry does not need to worry right now.
The US has requested India to buy Russian crude oil already in sea transport and divert it to Indian refineries, to reduce fears of a possible supply shortage and rise in prices amid the ongoing conflict in West Asia. US Energy Secretary Chris Wright said that this step is a short-term and practical effort to keep the market stable.
