Central government sources on Saturday, March 7 assured that there will be no increase in petrol and diesel prices in the country as India’s energy stock position improves. Talking to ANI, government sources said that Delhi has increased 10% of its oil imports from sources other than the Strait of Hormuz.
The development comes days after Iran’s Islamic Revolutionary Guard Corps (IRGC) announced the closure of the Strait of Hormuz, a key waterway responsible for around 20% of the world’s oil consumption, after the US and Israel launched strikes on Iran on February 28, targeting the country’s military and naval forces and killing several of the cleric, Supreme Leader Ali Khaneyi.
According to a BBC report, almost half of India’s crude oil imports pass through the Strait of Hormuz, along with a large share of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipments. In 2025, India imported nearly 25 million tons of LNG, of which roughly 14 million tons via Hormuz, placing it among the world’s largest LNG buyers alongside China, Japan and South Korea.
Government sources said that apart from the Strait of Hormuz, nearly 60% of India’s crude oil imports came from other alternatives, adding that imports have now increased from 60% to 70%.
Energy supplies are improving: Government sources
Government sources said that in our review meetings, “we are getting a sense that our energy stocks are improving,” adding that at one point they were concerned about LPG stocks. Qatar has reportedly assured India that it will resume supplies once the route reopens. To reassure people, sources said that India has excess LNG reserves and has also received LNG offers from several other countries.
The movement of cargo from the Strait of Hormuz is being restored
The sources also added that the cargo movement started from the Strait of Hormuz. This comes after Iran pledged not to target neighbors unless they were attacked from their territory. Earlier today, Iranian President Masoud Pezeshkian apologized in a video message to the Gulf countries for the attacks launched against them, adding that the country’s interim leadership council had advised the armed forces not to target their neighbors unless they were attacked from their territory.
The allegation of the Congress to increase the price of LPG is baseless
Central government sources dismissed the allegations leveled by the Congress party as “baseless”, adding that it was only said for petrol and diesel and was not related to LPG.
Congress president Mallikarjun Kharge on Saturday launched a scathing attack on the central government after a sharp hike in the price of LPG cylinders was reported. In a post on X, Kharge said domestic LPG rates have been increased ₹60, while the price of commercial LPG cylinders has been increased ₹115.
