Oil at $103: No fears of supply disruption to India, prices a concern

International oil prices surged to over a seven-year high of $103 a barrel on Thursday after Russia attacked Ukraine, but supply lines to India remain unaffected, a top government official said exuding confidence of uninterrupted fuel supplies even if the conflict escalated.

For consumers, the spike in global oil prices will not have any direct bearing just yet as state-owned fuel retailers continue to hold petrol, diesel and LPG rates.

“Supply lines are all open. None of them has been impacted (by the Russian aggression). There are abundant supplies available in the market,” the official, who wished not to be identified, said. “Our suppliers are in the Middle East, Africa and North America, who are untouched by the conflict and they continue to supply oil and gas as normal.