A government official stated on Monday that India will not release crude oil from its strategic reserves to curb prices and has no plans to restrict fuel exports by domestic refiners.

The official, who requested anonymity due to the sensitivity of the matter, indicated that the South Asian nation maintains sufficient petroleum inventories.

There are currently no government proposals to increase diesel and gasoline prices, according to the official.

India has ample supplies of aviation fuel available domestically.

The official also noted that India plans to secure additional liquefied petroleum gas supplies from the United States and Canada.

Gas supplies to fertilizer plants have been reduced.

Note: The G-7 group is reportedly set to discuss a coordinated release of emergency oil reserves.