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

India will not be raising the retail price of petrol, despite benchmark crude oil prices breaching $100 per barrel on Monday (March 9, 2026), a highly placed source in the Union government told The Hindu .

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“We have never increased retail prices during such upward fluctuations in the past,” they stated, adding, “[At present], OMCs have enough cushion and are financially comfortable.” Further, a top executive of a major domestic oil marketing company (OMC), also assured they were not experiencing any price pressure because of the upward pressure on crude prices.  

At the time of writing (7:35 pm IST), benchmark Brent Crude futures (May 2026) has spiked 11.7% since its previous close and was trading at $103.51 for per barrel. Intraday, the benchmark had peaked to $119.5 for per barrel, scaling levels last reached during the commencement of Russian invasion of Ukraine. 

Petrol prices had been largely untouched when the benchmark peaked to such levels between May and end-June 2022. Crude futures oscillated between $109.51 and $116.01 for every barrel during that period. However, petrol prices remained at ₹96.72 per litre in Delhi.

‘Enough ATF in stock’

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

Gap for booking LPG refill increased

While the country has adequate stocks of both raw material (crude oil) and finished products (fuels) to meet requirements for the next 6-8 weeks, the government has tweaked the policy for ordering a cooking gas LPG refill.

The minimum gap for booking a domestic LPG refill has been increased to 25 days from the current 21 days, a move aimed at preventing hoarding and ensuring equitable distribution of cylinders.

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 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 added.

With inputs from PTI