Iran war puts oil on boil; Brent crosses $100/barrel mark:Govt says India has 2-month inventory, petrol diesel prices to not increase for now

Crude oil prices in the international market have reached a three-and-a-half-year high due to the ongoing war between US-Israel and Iran in the West Asia. On Sunday, Brent crude prices crossed the $100 per barrel level. Previously, crude oil had crossed $100 in 2022. As trading began on the Chicago Mercantile Exchange, Brent crude jumped 16.5% to reach $108, which had closed at $93 on Friday. During the war, in just 10 days, crude oil has become about 48% more expensive. However, the Indian government says that we have sufficient oil, therefore petrol-diesel prices will not increase in India. Crisis deepens due to Hormuz waterway closure
A large portion of the world’s oil trade passes through the Strait of Hormuz. Transportation through this sea route has been significantly affected due to the Iran war. As a result, oil supply from Gulf countries has come to a halt. Major oil-producing countries like UAE and Kuwait have also started reducing their production because exporting has become difficult due to supply route closure. Indian Government says – We have sufficient oil, petrol-diesel prices will not increase The Government of India said on March 8 that India will not face a shortage of crude oil. India currently has a stock of more than 25 crore barrels (approximately 4,000 crore liters) of crude oil and refined petroleum products. According to the government report, this backup is sufficient that even if the supply completely stops, the country’s entire supply chain can easily run for 7 to 8 weeks. This means there is no tension about shortage of petrol-diesel and other petroleum products in the coming days. The government had clarified on March 7 that they will not increase petrol-diesel prices. India will buy crude oil from Russia
The US Treasury Department has given Indian refineries a 30-day special license. This license will be valid till April 3. Due to this, there is no possibility of crude oil shortage in India. Additionally, the crisis of increasing petrol-diesel prices has been averted for now. Prices stable for 4 years: Rates increased by 55% in Pakistan and 22% in Germany
According to figures from the Petroleum Planning and Analysis Cell (PPAC), fuel prices in India have remained stable for the last four years. Between February 2022 and February 2026, petrol prices in Delhi saw a marginal decline of 0.67%. In contrast, petrol became 55% more expensive in Pakistan and 22% more expensive in Germany. Domestic cylinder prices increased by Rs 60
The government has increased domestic gas cylinder prices by Rs 60. In Delhi, 14.2 kg LPG gas is now available for Rs 913. Earlier it was Rs 853. Meanwhile, the 19 kg commercial cylinder has been increased by Rs 115. It is now available for Rs 1,883. The increased prices have been effective from March 7.