The Ministry of External Affairs has reassured the public regarding India’s energy security amid recent fuel price hikes, urging citizens to avoid panic buying. During an inter-ministerial press conference involving the MEA, Petroleum, and Fertiliser ministries, the government confirmed that India has enough fuel stock available. To ensure energy is provided at affordable rates, India is diversifying its oil import markets, expanding its sources from 27 to 42 countries, including the United States. The government attributed the recent surge in fuel prices to disruptions in West Asia, which caused crude oil prices to jump from 60 to 120 dollars per barrel. Consequently, oil marketing companies are facing significant financial losses. The government noted that it had previously reduced the excise duty on petrol and diesel, resulting in a 14,000 crore rupee revenue loss, and is currently compensating oil companies to help them recover their deficits.
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