Government Steps In to Protect Consumers Amid Global Oil Price Volatility

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Government Steps In to Protect Consumers Amid Global Oil Price Volatility

The Indian government is taking measures to shield consumers from rising global oil prices amid geopolitical tensions. Officials say petrol and diesel prices will remain stable while subsidies and supply strategies are being used to keep LPG affordable.

Published by Priti | March 08, 2026

New Delhi: The Indian government is taking proactive steps to ensure that global volatility in energy markets does not significantly impact fuel prices for domestic consumers. Officials said petrol and diesel prices will remain stable despite ongoing tensions in the Middle East affecting global oil supply routes.

Government sources stated that authorities are closely monitoring international developments and coordinating with global suppliers to minimise the impact of fluctuations in crude oil and LPG prices. The Centre is reviewing the situation on a daily basis to protect consumers from sudden price increases.

LPG Prices Linked to Global Benchmark

Officials explained that domestic LPG prices in India are linked to the Saudi Contract Price (SCP) benchmark, which has seen a sharp increase in recent months. Despite the rise, the government has absorbed much of the cost pressure to prevent a significant burden on consumers.

Currently, oil marketing companies incur losses on household LPG cylinders, which cost around ₹1,050 per cylinder to supply. However, authorities said the focus remains on protecting households from sudden price shocks.

Subsidy Support for Ujjwala Beneficiaries

The government confirmed that beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY) will continue to receive a subsidy of ₹300 per LPG cylinder.

With this subsidy, the effective price for Ujjwala beneficiaries remains approximately ₹613 per cylinder, ensuring affordable cooking fuel for low-income households.

Officials also highlighted that LPG prices have increased only modestly over the long term—from around ₹500 in 2014 to approximately ₹610 in 2026, a rise of about ₹110 over 12 years.

Adequate Supply and Monitoring

Authorities said India currently has sufficient LPG stock to meet domestic demand. The government is also maintaining communication with several international suppliers to secure additional supplies if needed.

An Inter-Ministerial Group (IMG) is monitoring the situation and reviewing supply priorities to ensure uninterrupted fuel availability across the country.

India Expands Crude Oil Sources

India has significantly diversified its crude oil supply sources to reduce the risk of disruptions. Officials noted that the country now imports oil from around 40 countries, compared to 27 sources earlier.

This diversification helps ensure stable supply routes, particularly during geopolitical tensions around the Strait of Hormuz involving Iran, the United States and Israel.

Russian Oil Imports Continue

India is also continuing crude oil imports from Russia, which remains the country’s largest supplier. Russian oil imports have increased since 2022 due to discounted prices and growing refinery demand.

Officials said India makes its energy purchase decisions based on national interest and does not require approval from other countries to secure its energy needs.

Strong Strategic Reserves

Government sources said India currently holds more than 250 million barrels of crude oil and petroleum products across strategic reserves and supply chains.

This reserve capacity can sustain the country’s consumption for approximately seven to eight weeks, providing a strong buffer against global supply disruptions.

India’s total refining capacity stands at around 258 million metric tonnes per year, which is higher than domestic demand, giving the country additional flexibility in managing fuel supply.

Despite global uncertainties, officials assured that measures such as subsidies, diversified sourcing and strategic reserves will help maintain stable fuel prices for Indian consumers.