Amid Iran’s plan to close the Strait of Hormuz, one of the most strategically vital chokepoints in the world connecting the Persian Gulf and the Gulf of Oman, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday asserted that the Centre will take “all necessary measures” to ensure affordability and the “stability of fuel supplies.”
“The Modi government has, over the past several years, not only ensured the stability of supplies, but also affordability. We will take all necessary measures to ensure that,” Puri told ANI.
The Union Minister said that the consequences of the Strait of Hormuz’s closure would be factored in after markets open on Monday. However, he added that there was enough oil available in the global markets.
“It’s very difficult to speculate on the price factor. The oil price for a long time was between 65 and 70 (USD per barrel). Then it was between 70 and 75. Today is a Sunday. When the markets open tomorrow, the consequences of the closure of the Strait of Hormuz will be factored in. But as I’ve been saying for a long time, enough oil is available in the global markets,” Puri said.
“More and more oil is coming on the global markets, particularly from the Western Hemisphere. Even traditional suppliers would be interested in keeping the supplies because they also need revenue. So hopefully the market will factor that in,” he added.
Puri also posted on ‘X’ that the Centre will take “all necessary steps to ensure stability of fuel supplies” to the citizens.
“We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks. Under the leadership of PM @narendramodi Ji, we have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now. Our Oil Marketing Companies have supplies of several weeks and continue to receive energy supplies from several routes. We will take all necessary steps to ensure stability of supplies of fuel to our citizens,” Puri said in a post.
After the US airstrikes on its nuclear installations, Iran is considering closing the Strait of Hormuz, one of the most strategically vital chokepoints in the world, and any blockade by Tehran would pose serious risks for Europe, EuroNews reported on Sunday.
Revolutionary Guard commander Sardar Esmail Kowsari told local media in an interview that closing the Strait of Hormuz “is under consideration, and Iran will make the best decision with determination,” as per EuroNews.
“Our hands are wide open when it comes to punishing the enemy, and the military response was only part of our overall response,” added Kowsari, who is a member of the Iranian parliament in addition to his military position.
Earlier on Sunday, US President Donald Trump said the “very successful” strikes had hit the Natanz, Fordow and Isfahan underground nuclear sites in Iran.
