Amid turmoil in West Asia, government sources on Tuesday said that India has about 25 days of crude oil and refined oil stocks, and it is scouting for alternative sources for importing crude oil, LPG and LNG.
No Immediate Petrol, Diesel Price Hike
As per the sources, there are no immediate plans to raise the prices of petrol or diesel in the country amid tensions in West Asia.
Earlier on Monday, Union Petroleum and Natural Gas Minister Hardeep Puri reviewed the supply situation for crude oil, LPG, and other petroleum products with senior officials from the Ministry and PSUs, amid tensions in West Asia.
The Petroleum Ministry has said it is continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure the availability and affordability of major petroleum products in the country.
Will Petrol and Diesel Prices Rise? Government Issues Big Update
India is a major importer of crude oil and natural gas from West Asian countries.
“We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country,” the Ministry of Petroleum and Natural Gas said in a post on X.
Moreover, the Department of Commerce, Ministry of Commerce and Industry, held a stakeholder consultation with all stakeholder ministries, key logistics and trade facilitation partners to review the emerging geo-political situation in West Asia and its potential impact on India’s export-import cargo flows, including the export ecosystem.
Oil and gas prices are on a tear right now, thanks to Iran ramping up strikes across the Middle East after more attacks from the US and Israel.
Petroleum Ministry gives a big update
Following the outbreak of hostilities in the Middle East and the evolving global energy situation, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, informed that “the country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East.”
In a media briefing, the Minister provided an update on the country’s preparedness in the current circumstances.
It was highlighted that India is the third largest importer, fourth largest refiner, and fifth largest exporter of petroleum products globally. It was further apprised that in the last few years, India has ensured both availability and affordability of energy for its population by diversifying its sources.
Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz. Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz.
The Ministry has also established a 24×7 Control Room to continuously monitor the supply and stock position of petroleum products across the country.
The Minister, via a press briefing, also notified that the Government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation.
Prices shoot up around the world
Natural gas shot up Monday when QatarEnergy, one of the world’s biggest exporters, shut down production because its facilities got hit in “military attacks.”
Oil isn’t sitting still either. Prices climbed for a third straight day on Tuesday. The conflict between the US, Israel, and Iran keeps getting worse, and with the Strait of Hormuz basically closed off, people are worried about major supply issues out of the region.
“The price of oil has hit $81 a barrel, and everyone’s watching to see if it goes all the way to $200. The Strait of Hormuz is closed. Our heroes in the Islamic Revolutionary Guard Corps Navy and the Army will set fire to any ship that tries to pass through,” said Iranian Brigadier General Ebrahim Jabari on state TV.
Brent crude futures are holding around $79 a barrel up $1.10, or 1.4%. On Monday, prices actually shot up to $82.37, the highest since January 2025, but slipped a bit by the end of the day.
(With Inputs From ANI)
