Government provided Rs 1.23 lakh crore to OMCs to keep fuel prices steady amid Middle East crisis: Sources

Amid the ongoing crisis in the Middle East, which has directly impacted global energy markets, the government provided Rs 1.23 lakh crore to state-run oil marketing companies (OMCs) to keep retail fuel pump prices steady, sources said on Tuesday. They also said that surging global crude oil and fertiliser prices have driven up the country’s import bill, but India's growth is not under stress, and strong domestic consumption and robust fiscal buffers are keeping the economy steady. According to sources, the high-growth momentum witnessed in the March quarter of the previous fiscal year has seamlessly carried over into the first quarter of the financial year 2026-27.