India will not raise petrol prices despite global crude headwinds: Government sources

India will not increase the retail price of gasoline even as benchmark crude oil prices surpass $100 per barrel on Monday, March 9, 2026, a senior source in the Union government said.

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“We have never increased retail prices in such upward fluctuations in the past,” said officials, adding:[At present]OMCs have adequate support and are financially comfortable.” Additionally, a senior executive of a major domestic oil marketing company (OMC) assured that they are not experiencing any price pressure due to upward pressure on crude oil prices.

At the time of writing (19:35 IST), benchmark Brent Crude oil futures (May 2026) were up 11.7% since its previous close and were trading at $103.51 per barrel. During the day, the indicator rose to $119.5 per barrel; scaling levels were last reached during the start of Russia’s invasion of Ukraine.

Oil prices were largely untouched when the indicator reached these levels between May and the end of June 2022. During this period, crude oil futures fluctuated between $109.51 and $116.01 per barrel. However, petrol prices in Delhi remained at ₹ 96.72 per liter.

‘There is enough ATF in stock’

The government source also said India has “sufficient” stock of aviation turbine fuel (ATF), without disclosing the quantity.

Reservation gap for LPG filling increased

Separately, in a social media post, the Ministry of Petroleum and Natural Gas (MoPNG) said it would prioritize domestic liquefied petroleum gas (LPG) supply to households and mandated a 25-day interim period between booking two cylinders to prevent hoarding and/or black marketing.

The Ministry also said, ‘Priority is given to vital sectors such as Hospitals and Educational institutions in the non-local supply of imported LPG.’ he said.

Seeking to allay concerns over LPG supply shortage to other commercial sectors such as restaurants and hotels, MoPNG said it had constituted a committee of three managing directors of oil marketing companies to “review declarations on LPG supply and try to provide them with some volumes”.

On March 6, relying on the Essential Commodities Act, 1955, the government asked all public sector OMCs to maximize LPG production and that it be supplied or marketed only to domestic LPG consumers. “All oil refining companies operating in India shall maximize and ensure utilization of propane and butane streams produced, recovered, cracked or otherwise available for LPG production and shall make the same available to the three public sector oil marketing companies,” the order said.

Senior officials in the government stated that there is sufficient LPG in stock in India, and more stocks have been queued and are arriving. “There is absolutely no need to press the alarm button,” the senior official said.