Even as the West Asia conflict sends global crude oil prices surging and triggers an LPG price hike, the Indian government has made clear it has no plans to increase retail prices of petrol and diesel, with fuel stocks continuing to build steadily despite the ongoing regional turmoil, news agency Reuters reported citing government sources.

The government's decision to hold petrol and diesel prices steady is a significant one, given that Brent crude has surged sharply since the outbreak of hostilities — rising 9.32 percent in a single session following Iran's drone strike on Saudi Aramco's Ras Tanura refinery last week. With the Strait of Hormuz effectively closed to tanker traffic and Qatar's LNG output disrupted, the pressure on India's energy import economics has mounted considerably.

The assurance from government sources that retail fuel prices will not be raised is aimed at preventing panic buying and containing the inflationary spillover of the Middle East crisis on Indian households — even as LPG cylinder prices were hiked by Rs 60 earlier this week.

Crucially, officials indicated that India's domestic fuel inventory levels are not only holding but continuing to increase — a testament to the government's diversified sourcing strategy, which now includes approximately 20 percent of crude oil imports from Russia, reducing dependence on the Hormuz route.