Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said crude oil prices are back at $67 per barrel and are likely to remain around that level.
Speaking at the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI), Puri also said India increased biofuel blending and is sourcing crude oil from 40 countries as against 27 earlier.
He said when the tensions were at their peak in the Gulf region recently, many tried to be alarmist about the crude oil prices moving northwards.
“I said nothing will happen. Oil prices sahi rahenge (will remain stable). Don’t worry. And the price of oil is back to $67 a barrel. Why do I say that? …there is enough oil available in the world,” the minister said.
Moreover, Puri added India has diversified its crude oil sourcing.
“We used to buy oil from 27 countries, we are buying it from 40 countries,” he said.
The minister also spoke in detail about the achievements made by the country in bio-fuel blending, and meeting targets ahead of schedule.
“We are the second-highest biofuel blending nation in the world. And today, when I look at it, any day you could raise it from 20 per cent to 25 per cent and 30 per cent. You have to just do your consultation and take what is along,” he said.
Puri further said green hydrogen is the fuel of the future.
In his address, the minister also listed the achievements of the Modi government during the past 11 years.
He said the ministry’s flagship Pradhan Mantri Ujjwala Yojana, has delivered over 16.5 crore LPG connections since 2014, empowering women, reducing indoor air pollution, and promoting public health.
The growing market capitalisation of Oil & Gas PSUs-nearly doubling to ₹8.79 lakh crore since 2014-reflects the sector’s robust performance and the trust of investors, he said.
He further said that in the past 11 years, India has risen from the eleventh to the fourth largest economy in the world.
He said India’s GDP has more than doubled-from $2.1 trillion in 2014 to $4.3 trillion in 2025.
“We have recently overtaken Japan and are poised to become the third-largest economy by 2030, overtaking Germany,” the minister said while highlighting the country’s resilience during global headwinds and the critical role played by bold policy reforms, extensive social welfare schemes, and sound financial management.
The Minister called on chartered accountants to embrace artificial intelligence and advanced analytics, automating routine tasks to focus on strategic advisory roles and harnessing data-driven insights for more effective decision-making.
“Embracing AI is no longer optional-it is essential for staying competitive and innovative in today’s evolving financial world,” he said.
Puri urged the ICAI community to uphold transparency, efficiency, and accountability as India marches towards a developed nation by 2047.
Speaking at the occasion, ICAI President Charanjot Singh Nanda said that from 1700 members to over 4 lakh members spanning across 47 countries, the Institute of Chartered Accountants of India has grown a long way in the last 77 years.
“As a trusted partner in nation building ICAI has always supported the Government initiatives contributing to India’s journey towards becoming a Viksit Bharat. Our profession is evolving rapidly, with AI, blockchain, and big data, the tools may change, but our values must remain constant,” Nanda said.
