New Delhi [India]: Petroleum and Natural Gas Minister Hardeep Singh Puri has said that domestic petrol and diesel prices are expected to move in a positive direction if international crude oil prices remain stable or decline.
The Minister expressed confidence that the outlook for consumers remains favourable as global oil and gas supplies continue to expand.
Addressing the Viksit Bharat Conclave 2026 in New Delhi, Puri said India successfully weathered one of the most challenging global energy disruptions in recent decades through a combination of diplomatic engagement, timely policy interventions, enhanced domestic production and diversified imports.
He said the country’s experience demonstrated the importance of long-term energy reforms in ensuring energy security.
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Highlighting the government’s response to the crisis, the Minister said India ensured an uninterrupted supply of LPG by taking timely steps to strengthen domestic production and secure energy supplies.
He said effective diplomacy helped facilitate the movement of Indian energy cargoes that were stranded following disruptions in the Strait of Hormuz, while close coordination with countries including Iran, Oman, Qatar and the UAE enabled the safe passage of Indian vessels.
Puri said the government simultaneously increased domestic LPG production by directing refineries to prioritise cooking gas over higher-value petrochemical products.
As a result, India’s LPG production capacity rose from about 35 thousand metric tonnes per day to 54 thousand metric tonnes per day within a short period, ensuring uninterrupted cooking gas supply to more than 33 crore LPG consumers across the country.
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The Minister said India also diversified its import basket to minimise the impact of supply disruptions. Apart from traditional suppliers in the Gulf, the country sourced LPG from the United States, Algeria, Argentina and several other countries. He added that Indian energy companies also reorganised shipping operations and redirected vessels to ensure that supplies continued without interruption.
Puri said despite one of the most severe global energy crises, India did not face shortages of crude oil, natural gas or LPG. He noted that none of the country’s fuel retail outlets ran dry during the crisis and said timely government intervention helped prevent panic and stabilise supplies.
On fuel prices, the Minister said petrol and diesel prices in India have remained among the lowest globally over the past four years. He attributed this to three rounds of excise duty reductions undertaken by the Centre, which absorbed a significant fiscal burden instead of passing the impact of higher international crude prices on to consumers.
Speaking on the government’s long-term energy strategy, Puri said India has expanded its crude oil sourcing from 21 countries to nearly 40 while accelerating reforms in the upstream energy sector.
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He said the government has amended petroleum laws, opened previously restricted areas for exploration and introduced policy reforms to encourage greater investment in oil and gas exploration.
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