New Delhi, April 1 – India's crude oil inventory is sufficient, and all necessary arrangements have been made to ensure a stable supply for the next two months, the government said on Wednesday.
Sujata Sharma, Joint Secretary (Marketing and Refineries) of the Ministry of Petroleum and Natural Gas, stated that all refineries are operating at optimal capacity, and there have been no reports of fuel shortages at retail outlets.
"I would also like to emphasize that about two months ago, Brent crude was trading at around $70 per barrel, while today it has crossed $100 per barrel. Despite this increase, petrol and diesel prices for domestic consumers have not risen," she said during the inter-ministerial briefing here.
Oil marketing companies (OMCs) are facing losses on petrol and diesel sales, she added.
Regarding LPG, Sharma said that deliveries remain normal.
"Our dependence on LPG imports is around 60 per cent. Compared to last month, international prices, particularly the Saudi CP benchmark, have seen a significant increase, rising from $522 to $780, which is an increase of about 44 per cent. Despite this, there has been no increase in LPG cylinder prices for domestic consumers," Sharma said.
Meanwhile, the government has also taken several key steps to expand the PNG network, and 3.3 lakh new PNG connections were given in March. A hundred per cent supply of natural gas has been ensured for domestic consumers as well as the compressed natural gas (CNG) transport sector.
Earlier in the day, the Ministry of Petroleum and Natural Gas clarified that only the price of commercial LPG has been increased in the country, while that of domestic LPG has been left unchanged to protect households from the sharp rise in the cost at which cooking gas is being imported amid disruptions due to the Iran war.
It further stated that at current prices, the public sector oil marketing companies are incurring a loss of Rs 380 per cylinder.