New Delhi: The Ministry of Petroleum and Natural Gas on Monday reviewed the availability of crude oil, LPG and other petroleum products amid escalating tensions between Israel and Iran that have roiled global energy markets.
In an official statement, the ministry said the Petroleum Minister held a meeting with senior officials and public sector undertakings to assess the supply situation in view of the ongoing geopolitical developments in West Asia.
“We are continuously monitoring the evolving situation and all steps will be taken in order to ensure availability and affordability of major petroleum products in the country,” the ministry said.
The ministry said, “all steps will be taken to ensure availability, affordability of major petroleum products amid Middle East tensions.”
The review comes as Brent crude climbed to around $82 per barrel following heightened tensions in the region. Nearly 20 per cent of global oil flows pass through the Strait of Hormuz, a key chokepoint for supplies to Asia, including India.
India imports over 85 per cent of its crude requirements, with a significant share sourced from West Asia. Industry estimates suggest that every $1 increase in crude prices adds roughly $2 billion to India’s annual import bill, potentially impacting inflation, the current account deficit and fuel pricing dynamics.
