No immediate hike in petrol, diesel prices despite crude crossing $100/barrel

New Delhi (PTI): Petrol and diesel prices will not be increased for now despite international crude oil rates crossing USD 100 per barrel, top government sources said on Monday.

Officials said the government is closely monitoring global oil markets, but there is no immediate plan to raise retail fuel prices. Oil marketing companies are expected to absorb the current cost pressure for the time being.

Crude prices have surged amid escalating tensions in West Asia, raising concerns over global energy supplies.

Sources said the minimum waiting period for booking a domestic LPG cylinder refill increased from 21 days to 25 days to prevent hoarding.

Average households consume 7-8 LPG cylinders of 14.2 kg in a year and should normally not need a refill in less than 6 weeks, they said, adding that the refill booking period has been increased to prevent hoarding and creation of artificial scarcity in the market.

The oil companies have an adequate stock of LPG, they noted.