No immediate hike in petrol, diesel prices; adequate stock to meet any contingency: Sources

NEW DELHI: (PTI):- Petrol and diesel prices will not be increased for now despite international crude oil rates crossing USD 100 per barrel, government sources said on Monday, even as authorities stepped up efforts to maintain uninterrupted fuel supply lines across the country.

As the conflict in West Asia entered the tenth day, world markets plummeted, and Brent crude oil, the international standard, surged to nearly USD 120 a barrel, about 65 per cent higher than when the war started, before retreating.

Top government sources said the government is closely monitoring global oil markets, but there is no immediate plan to raise retail fuel prices. Oil marketing companies are expected to absorb the current cost pressure for the time being.