Amid rising tensions in West Asia, the Indian government is keeping a close watch on the supply and prices of oil and gas. According to reports, after the US attack on three nuclear sites in Iran, 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 in the last few years and now a large amount of our oil supply does not come from the Strait of Hormuz. Our oil marketing companies have several weeks of stock and we are getting energy supply from multiple routes. We will take every step necessary to ensure a stable supply of fuel to our citizens. - Hardeep Singh Puri, Minister of Petroleum and Natural Gas
It is difficult to speculate on prices, but the market can recover.
Speaking to ANI, Hardeep Singh Puri said, "It is very difficult to speculate about prices. For a long time, the price of oil was between $ 65 and $ 70, then it remained between $ 70 and $ 75. When the markets open on Monday, the impact of the closure of the Strait of Hormuz will be seen in the prices. But as I have been saying for a long time, there is enough oil available in the global markets. Especially the supply of oil is increasing from the Western Hemisphere." He said, "Traditional suppliers will also be interested in maintaining supplies, as they also need revenue. Hopefully, the market will take this into account. The Modi government has not only ensured supply stability in the last several years but also kept prices affordable. We will take every step necessary."
However, experts believe that oil and gas is a "highly sensitive" sector, and even a small blockage can lead to a big surge in global crude oil prices. If the closure of the Strait of Hormuz lasts "more than a week", it can shock the global economy and India will also not be untouched by its impact.
The situation is expected to return to normal soon
India is importing crude oil from Russia, but its profit depends on discounts and price trends. News Channel quoted a source as saying that if the price of crude oil goes above $105 a barrel, the government may review the excise duty cut on fuel.
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