New Delhi, March 26: The government on Thursday categorically stated that India’s petroleum and LPG supply situation is fully secure and under control, calling upon citizens not to be misled by a “deliberately mischievous, coordinated campaign of misinformation” that is being carried out to spread unjustified panic.

India has 74 days of total reserve capacity, and actual stock cover is around 60 days right now (including crude stocks, products stocks and the dedicated strategic storage in caverns), even as “we are on the 27th day of the Middle East crisis”, the Petroleum Ministry said, adding that all retail fuel outlets have enough supplies.

“There is no shortage of petrol, diesel, or LPG anywhere in the country,” it said in a statement, adding that nearly two months of steady supply is available for every Indian citizen, regardless of what happens globally.

“Next 2 months of crude procurement has also been secured. India is completely secure for the next many months, and the quantity in strategic cavern storage becomes secondary in such a supply situation. Therefore, any representation that India’s reserves are depleted or insufficient should be dismissed with the disdain it deserves,” the ministry highlighted.

Across the world, countries are dealing with price increases, rationing, odd-even vehicle restrictions, and forced station closures. Few have declared a “National Energy Emergency”.

“India DOES NOT FEEL THE NEED FOR ANY SUCH MEASURES. While other nations are rationing, there is no shortage of supplies in India. Where isolated instances of panic buying occurred at select pumps, they were driven by deliberate misinformation spread by certain videos on social media,” the ministry emphasised.

Despite the surge in demand at such pumps, fuel was dispensed to all the consumers, and oil company depots have been operational through the night to ramp up supplies.

The ministry further stated that steps have also been taken by oil companies to increase credit to petrol pumps to over 3 days from the earlier allowed 1 day in order to ensure that there is no shortage of petrol and diesel at any pump due to working capital issues of pump owners.

Notably, despite the situation at the Strait of Hormuz, India is today receiving more crude oil from its 41-plus suppliers across the world than what was previously arriving through the Straits.

“Every Indian refinery is running at over 100 per cent utilisation. Crude oil supplies for next 60 days have already been tied up by Indian Oil companies. There is NO supply gap,” the ministry said.

There is also no LPG shortage. Following the LPG Control Order issued by this Ministry, domestic refinery production has been ramped up by 40 per cent, bringing daily LPG output to 50 TMT (more than 60 per cent of our requirement) against a total daily requirement of around 80 TMT.

The net daily import requirement has consequently come down to only 30 TMT — meaning India is now producing much more than it needs to import.

“Over and above domestic production, 800 TMT of assured inbound LPG cargoes are already secured and en route from the United States, Russia, Australia, and other countries, arriving across India’s 22 LPG import terminals — double the 11 terminals that existed in 2014,” the ministry said.

“Approximately one full month of supply is firmly arranged, with additional procurement being finalised continuously,” it added.

Oil companies are successfully delivering over 50 lakh cylinders every day. Commercial cylinder allocations have been raised to 50 per cent in consultation with state governments to avoid hoarding or black marketing.

Moreover, piped natural gas is being promoted — in full coordination with state governments — because it is cheaper, cleaner, and safer for Indian households.

India already produces 92 MMSCMD of natural gas domestically, out of a total daily requirement of 191 MMSCMD, making India far less import-dependent on gas than on LPG.

City gas distribution has expanded from 57 geographical areas in 2014 to over 300 today. Domestic PNG connections have grown from 25 lakh to over 1.5 crore. This transition was well underway before the current situation arose and reflects India’s long-term energy strategy.

“The claim that PNG is being pushed because LPG is running out is misinformation. LPG supply is secure. PNG is simply a better, more affordable and highly convenient fuel for India’s households,” said the ministry.

The ministry urged all citizens to rely only on official government communications for information regarding fuel and gas availability.

New Delhi, March 26: Nayara Energy on Thursday increased petrol and diesel prices, becoming one of the first fuel retailers in India to pass on the recent rise in global crude oil prices to consumers.

The company has raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, according to sources.

The actual increase may vary slightly across states due to differences in local taxes such as VAT. In some regions, petrol prices have gone up by as much as Rs 5.30 per litre.

The move comes at a time when global oil prices have surged sharply following tensions in the Middle East.

Prices had jumped nearly 50 per cent since late February, after Israel carried out military strikes on Iran, leading to retaliation and fears of supply disruptions.

International crude prices recently touched around $119 per barrel before easing to about $100.

Despite this surge, state-owned oil marketing companies such as Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have not changed the prices of regular petrol and diesel, which have remained largely unchanged since April 2022.

These companies control about 90 per cent of the fuel retail market in India.

India depends heavily on imports for its energy needs, sourcing about 88 per cent of its crude oil from abroad.

A significant portion of these supplies passes through the Strait of Hormuz, a key shipping route now under threat due to rising geopolitical tensions in the region.

Meanwhile, earlier in the day, the government said that all retail outlets are operating normally with sufficient petrol and diesel stocks to meet national demand.

It added that a rapid rollout of PNG connections is currently underway across the country.

All refineries are operating at a high capacity with adequate crude inventories. While panic buying did occur in some areas due to rumours, the government has confirmed that all retail outlets are operating normally.

Mumbai, March 24: Gold and silver prices witnessed a sharp decline on Tuesday, even as hopes of de-escalation in the West Asia conflict weighed on safe-haven demand after the US President announced a temporary pause on potential strikes targeting Iran’s energy infrastructure.

On the Multi Commodity Exchange (MCX), gold futures (April 2) fell as much as Rs 2,576 or around 2 per cent to hit an intra-day low of Rs 1,36,684 per 10 grams by 10:40 am. The yellow metal was last trading at Rs 1,37,100, down Rs 2,160 or 1.5 per cent.

Silver futures (May 5) also plunged 4.73 per cent, or Rs 10,667, to Rs 2,14,500 per kg during the session.

In the global market, COMEX gold was trading at $4,368.76, down 1.6 per cent, after slipping to an intraday low of $4,340.

Meanwhile, COMEX silver declined around 4 per cent to $66.56, after hitting an intraday low of $66.16.

Precious metals came under pressure after the US President said Washington and Tehran had held “very good and productive conversations” over the past two days, adding that any military action on Iranian power plants and energy infrastructure would be deferred for five days, subject to further discussions.

However, Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf denied that any negotiations had taken place, calling such reports “fake news” aimed at influencing financial and oil markets.

According to analysts, COMEX gold is currently trading in the $4,300–$4,380 range after a sharp correction, with the broader trend remaining weak despite intermittent safe-haven support. Immediate resistance is seen at $4,470–$4,500, while a break below $4,250 could trigger further downside toward $4,100 levels.

“MCX gold, which opened gap-down, is holding above Rs 1,36,000 but continues to exhibit a weak recovery within a broader bearish trend. Resistance is placed at Rs 1,39,000–Rs 1,40,000, while a fall below Rs 1,34,000 may extend losses toward Rs 1,30,000,” according to them.

They also said that COMEX silver remains under pressure below the $68–$70 resistance zone, with downside risks toward $64–$61 if support levels fail.

Similarly, MCX silver is trading in the Rs 2,15,000–Rs 2,20,000 range, with a bearish bias unless prices reclaim higher resistance levels, the analysts added.