Amidst increasing tension in West Asia, the Indian government is keeping a close eye on the supply and prices of oil and gas. According to reports, after the US attack on three of Iran’s nuclear sites, Iran is planning to close the Strait of Hormuz. This strait is an important route for the supply of one-fifth of the world’s oil and gas. India imports a large part of its oil needs through this route. If it is closed, it is likely to have an impact. However, the government has assured that the public will continue to get fuel and there will be no shortage of supply.
Petroleum and Natural Gas Minister Hardeep Singh Puri said that India has been monitoring the situation in the Middle East for the last two weeks. He talked about diversifying the sources of oil supply under the leadership of Prime Minister Narendra Modi.’ We have changed our supply routes over the last few years and the bulk of our oil supply no longer comes through the Strait of Hormuz.Our oil marketing companies have several weeks of stock and we are getting energy supply from multiple sources. We will take all necessary steps to ensure a stable supply of fuel to our citizens.’
Hardeep Singh Puri said, “It is very difficult to speculate on prices. For a long time, the oil price was between $65 and $70, then it was between $70 and $75. When the markets open on Monday, the impact of the closure of the Strait of Hormuz will be seen in prices. But as I have been saying for a long time, there is enough oil available in the global markets. Oil supply is increasing, especially from the Western Hemisphere.”