Amid a sharp rise in global crude oil prices, crossing the $100‑per‑barrel mark on 9 March 2026, the Union government has assured that retail petrol rates will not be raised. Simultaneously, the Ministry of Petroleum and Natural Gas (MoPNG) has issued directives to safeguard domestic LPG supply and to curb hoarding. Key Developments 9 Mar 2026: Benchmark Brent futures (May contract) surged 11.7% to $103.51 per barrel, touching an intraday high of $119.5 . Government source: No increase in retail petrol despite the price spike; OMCs have sufficient financial cushion. MoPNG announced a mandatory 25‑day interval between bookings of two LPG cylinders to prevent hoarding. Essential Commodities Act, 1955 invoked on 6 Mar 2026 to direct public‑sector OMCs to maximise LPG production for domestic consumption. Government assures ample ATF stocks, though exact quantities are undisclosed. Important Facts During the 2022 price surge (May–June), when Brent hovered between $109.51‑$116.01 , Delhi’s petrol price stayed at ₹96.72 per litre . A senior official emphasized that India’s LPG inventories are “adequate” and that additional stocks are en route, negating any need for alarm. UPSC Relevance This episode touches multiple GS papers. Essential Commodities Act showcases the state’s interventionist capacity in market regulation (GS2). The price‑stability decision reflects the government’s balancing act between global commodity volatility and domestic inflation control, a core topic in petrol pricing policy (GS3). Understanding the role of OMCs and strategic reserves of ATF is essential for questions on energy security and fiscal prudence. Way Forward To sustain price stability, the government may continue to: (i) maintain buffer stocks of crude, ATF and LPG; (ii) monitor global crude trends and adjust import‑export policies; (iii) strengthen the regulatory framework under the Essential Commodities Act ; and (iv) ensure transparent communication with the public to pre‑empt panic‑driven hoarding. Continuous coordination between the Ministry of Petroleum & Natural Gas, the Ministry of Finance, and the Reserve Bank of India will be crucial to align fuel pricing with broader inflation targets.