As military conflict in the Middle East escalates, India’s Petroleum Ministry on Monday said it is continuously monitoring the evolving situation and will take all necessary steps to ensure availability and affordability of key petroleum products in the country.
India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These mostly come via the Strait of Hormuz, which the Iranian authorities have threatened to shut down following attacks by the US and Israel.
Union Petroleum Minister Hardeep Singh Puri reviewed the supply situation for crude oil, LPG and other petroleum products with senior officials from the ministry and public sector companies.
“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 in a post on X.
Also read: No immediate oil shock for India despite Hormuz closure
Follow us
