India, April 9 -- The announcement of a conditional, two-week ceasefire between the US, Israel and Iran on Wednesday has sent a wave of relief through global energy markets with global crude oil benchmarks like Brent plummeting by nearly 16 per cent to below $93 per barrel.

In a joint inter-ministerial press conference, the Union Government said Liquefied Petroleum Gas (LPG) supply continues to be affected by the prevailing geopolitical situation while sufficient stocks of petrol and diesel are being maintained.

India is the world's third-largest energy consumer and fourth-biggest gas user. Imports account for about 88 per cent of the country's crude oil, around half of its natural gas requirements and roughly 60 per cent of its LPG nee...