India’s Petrol, diesel prices will not increase

Government sources said on Saturday that petrol and diesel prices will not increase, adding that India’s energy stock position is improving and the situation is becoming more stable.

According to the sources, the improving energy stock situation has given the government greater confidence in managing fuel supplies.

They added that India has also taken steps to diversify its crude oil imports to reduce dependence on vulnerable routes.

“India has increased its crude oil imports from sources other than the Strait of Hormuz. Earlier, about 60 per cent of India’s crude oil imports came from sources outside the strategic shipping route, but that share has now increased to around 70 per cent,” they stated.

“The first cargo has already started moving through the Strait of Hormuz -- indicating that supply flows are stabilising,” they mentioned.

The clarification from the government came after the opposition political parties alleged that fuel prices could increase.

Responding to the claims, government sources said the allegation was completely baseless.

They said the earlier assurance was specifically related to petrol and diesel prices and was not in reference to LPG.

The sources again reiterated that petrol and diesel prices will not increase.

“This was only said for petrol and diesel. It was not in reference to LPG. Today we again assure that prices of Petrol and Diesel will not increase,” as per the sources.

On the issue of cooking gas, sources said the government is currently working on re-prioritising LPG production to ensure adequate supply.

“The price of a Liquefied Petroleum Gas cylinder has increased by about Rs 110 over the past 12 years,” they noted.

“The government is closely monitoring the energy situation and taking steps to maintain stability in fuel supplies and prices,” according to the sources.

Meanwhile, the government of India on Saturday extended the deadline for fulfilling export obligations under certain export promotion schemes to August 31, 2026, to help exporters facing disruptions in global trade and shipping routes.

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, announced the decision through a public notice.

The move comes amid ongoing geopolitical developments that are affecting global shipping routes, logistics corridors and international supply chains.

According to the notification, exporters holding specified Advance Authorisations and Export Promotion Capital Goods authorisations whose export obligation period is ending between March 1, 2026 and May 31, 2026 will get an automatic extension. The new deadline for fulfilling their export obligation has been set as August 31, 2026.

Officials said the extension will be granted automatically and exporters will not have to submit any separate application or pay any composition fee to avail the benefit.

The step is aimed at giving exporters additional operational flexibility at a time when international trade and logistics are facing disruptions.

The relaxation will apply to Advance Authorisations, including Advance Authorisation for Annual Requirement and Special Advance Authorisation, as well as authorisations issued under the Export Promotion Capital Goods Scheme.

The government said the extension provided under the public notice will be in addition to the existing provisions under the Foreign Trade Policy and the Handbook of Procedures, which already allow exporters to seek extensions in the export obligation period after paying the prescribed composition fee.

The DGFT’s regional authorities will check whether exporters have met their export obligation requirements when they apply for the Export Obligation Discharge Certificate or during the closure or regularisation of the authorisation.

Customs authorities have also been informed about the revised timelines so that exports can continue smoothly under the updated export obligation period.

Officials said the measure reflects the government’s continued efforts to support exporters and ensure that temporary global disruptions do not affect India’s export performance or compliance requirements under export promotion schemes.

Indo-Asian News Service