Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Saturday said India has successfully diversified its crude oil sourcing base to 41 countries amid rising global energy prices and geopolitical risks triggered by the US-Iran conflict.
Speaking at the Vibrant Gujarat Regional Conference in South Gujarat, Puri noted that India previously imported oil from 27 countries before the US-Iran war began on February 28.
The diversification strategy, supported by long-term planning, has helped the country better manage the current energy challenges, including elevated crude prices, sanctions, and the closure of the Strait of Hormuz.
On the domestic front, Puri said the government has issued directives to maximise LPG yield at refineries, resulting in a 60 per cent increase in domestic production — from 36,000 MT per day to 54,000 MT per day.
He also highlighted various measures taken by the government to shield Indian consumers from the impact of rising global oil prices.
Brent crude, the international benchmark, has remained above $111 per barrel for the second consecutive week, while West Texas Intermediate (WTI) is also trading at elevated levels.
Some forecasts suggest prices could peak around $115 per barrel in Q2 2026 before easing.
The surge in prices is largely attributed to the ongoing US-Iran war and the disruption in the Strait of Hormuz.
Also read: Commercial, mini LPG prices hiked by ₹993 and ₹261
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