Retail prices of petrol and diesel at state-owned outlets remain stable on April 19, with no significant price movement in the Indian domestic market despite fluctuations in oil prices across the globe. The disruption of the energy supply chain through the Strait of Hormuz continues due to the ongoing conflict in West Asia.
While jet fuel and commercial gas prices continued to reflect fluctuations in oil prices, retail fuel prices in India’s major cities remained largely unchanged on Sunday as the government stepped in to curb inflation. Check April 19 for updated petrol and diesel prices across the city.
Iran has announced the closure of the Strait of Hormuz to maritime trade
The Islamic Revolutionary Guard Corps (IRGC) Navy announced on Saturday the closure of a strategic waterway – the Strait of Hormuz, through which about 20 percent of global oil and gas exports are carried. The IRGC says the United States has violated the terms of the ongoing ceasefire, which is set to end on Wednesday unless extended further. According to Tehran, the bone of contention is the Trump administration’s decision to maintain the blockade of Iranian ports.
India should be prepared for the impact of West Asia, says Rajnath Singh
Meanwhile, Defense Minister Rajnath Singh stressed the need for India to remain prepared for any sudden escalation of conflict in West Asia, PTI reported. At the fourth meeting of the Informal Group of Ministers (IGoM), Rajnath Singh described the current situation in the region as “volatile” and “stressed the need for India to remain prepared not only for de-escalation but also for any renewed escalation”.
The Ministry of Defense described the “ground situation of the conflict as uncertain and volatile” at the IGoM meeting, which was set up to monitor the situation in West Asia.
In a social media post on X, Rajnath Singh said, “Union Cabinet chaired by Prime Minister Shri @narendramodi has taken a landmark decision by approving the creation of ‘Bharat Maritime Insurance Pool’ with sovereign guarantee ₹12,980 crores. This important decision will ensure affordable and continuous insurance coverage for Indian maritime trade and enhance the security and stability of India’s import and export operations.
Terming it a significant step towards a stronger, safer and more resilient business ecosystem for India, Rajnath Singh said, “This important decision will ensure affordable and uninterrupted insurance coverage for India’s maritime trade, enhancing the safety and stability of India’s import and export operations. This is a significant step towards a stronger, safer and more resilient business ecosystem for India,” PTI reported.
The Center claimed that India has maintained an adequate fuel stock position with stocks of crude oil, petrol, diesel and ATF (Aviation Turbine Fuel) sufficient for more than 60 days of consumption. LNG stocks can last up to 50 days and LPG stocks for around 40 days
With active efforts to ensure uninterrupted supply, the Ministry of Defense said in a statement that the government has actively diversified its sources of imports, with the US, Australia and Latin America being approached to ensure supply of crude oil, LNG (Liquefied Natural Gas) and LPG (Liquefied Petroleum Gas).
