Fuel prices in India may witness an increase as oil companies are considering a hike following the continuing conflict in West Asia.
According to reports, petrol and diesel prices could rise by up to Rs 5 per litre. Oil companies have cited disruptions in fuel supply through the Strait of Hormuz and rising global tensions as major reasons behind the possible price revision.
The companies argue that reduced fuel availability and higher import costs have increased financial pressure on the sector.However, the Petroleum Ministry clarified that there is currently no immediate need for a fuel price hike. Officials said there is no shortage of petroleum products in the country.
A ministry panel stated that India currently has sufficient reserves, including crude oil and natural gas stocks for around 60 days and LPG reserves for about 45 days under rolling stock arrangements.
