India is Unlikely to Raise Petrol and Diesel prices 'Supply Disruption'

Petrol and diesel prices in India are unlikely to be raised immediately despite global crude oil crossing $110 a barrel amid the escalating Middle East tensions.

Government currently expects state run oil marketing companies (OMCs) to absorb the impact for now and pump prices of fuels will remain the same.

OMCs may have to accept lower profits amid the spike in international oil prices, according to sources.

West Texas Intermediate rose 27 per cent to $116 per barrel, while



Brent crude gained 28 per cent to $116, marking the first time since 2022 that both benchmarks crossed the $100 mark. 

The spike followed escalating hostilities in the Middle East amid supply disruptions at the Strait of Hormuz.

Despite the rally, domestic pump prices remained unchanged nationwide.

Though India typically adjusts retail fuel prices in line with global crude movements, the government has occasionally asked oil companies to absorb price changes amid huge volatility.