25 days of oil in reserve; India unlikely to hike petrol-diesel price

NEW DELHI: As per official sources, the central government is unlikely to increase the prices of petrol and diesel in the country, even in the backdrop of the ongoing conflict in the Middle East. India currently has a stock of crude oil and refined oil for about 25 days, India Today reports, citing government sources.

India has about 25 days of oil reserves, including strategic reserves and stocks held by oil companies. Despite the volatility in oil prices in the international market, there are no immediate plans to increase the prices of petrol and diesel. The government is closely monitoring the situation.

India is also actively considering other countries to import crude oil, LPG and LNG in view of the crisis in the Middle East. Meanwhile, Iran had earlier announced the closure of the Strait of Hormuz as tensions escalated. Iran's Islamic Revolutionary Guard Corps (IRGC) has warned that it will set fire to any ship trying to pass through the waterway.

The closure was announced by IRGC chief Brigadier General Sardar Ebrahim Jabari. The Strait of Hormuz has been closed. Meanwhile, US Central Command has denied Iran's claim. The US has said that the Strait of Hormuz is open.