India's Fuel Prices Unchanged Amidst Global Oil Price Surge
India's domestic fuel prices remained largely unchanged on Saturday, despite the biggest monthly jump in Brent crude prices since March. The Union Cabinet has approved a new scheme to boost domestic oil and gas production, aiming to reduce dependence on imports and strengthen India's energy security.
The National Offshore Exploration Scheme, 'Samudra Manthan', was launched with an outlay of ₹84,084 crore for implementation up to fiscal 2030-31. The Central Sector Scheme encompasses the entire offshore exploration value chain, including seismic data acquisition, exploratory drilling, and development of common offshore production infrastructure.
State-owned oil marketing companies continue to shield consumers from fluctuations in global fuel prices, with petrol and diesel rates remaining steady across cities. Brent crude oil settled at $88 a barrel on Friday, while West Texas Intermediate rose 1% to settle below $85 amid threats to energy supplies from the Persian Gulf to the Black Sea.