https://sputniknews.in/20260304/indias-fuel-reserves-secure-despite-middle-east-crisis-petroleum-minister-10563696.html
India's Fuel Reserves Secure Despite Middle East Crisis: Petroleum Minister
India's Fuel Reserves Secure Despite Middle East Crisis: Petroleum Minister
Sputnik India
Since Saturday, when Israel and its all-weather ally, the US, launched a military campaign against Iran, plunging not only the West Asian region into turmoil... 04.03.2026, Sputnik India
2026-03-04T17:28+0530
2026-03-04T17:28+0530
2026-03-04T17:28+0530
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India has sufficient stock of fuel for at least 25 days amid market turbulence, which began with the closure of the Strait of Hormuz for oil cargoes in the aftermath of the brutal military confrontation between Iran and Israel-US, the country's Federal Petroleum Minister Hardeep Singh Puri said at a media briefing in Delhi.India is the third-largest importer of crude, and nearly 50% of its energy supplies, including Liquified Natural Gas (LNG), pass through the Strait of Hormuz, which has been shut down by Iran's Islamic Revolutionary Guard Corps (IRGC) for ships supplying crude to foreign nations.Meanwhile, Russia said that India has shown its interest in procuring more oil from Russia, as disruptions in the Gulf are roiling energy markets the world over.Earlier, an energy analyst also predicted that India would increase its imports from Russia to overcome the deficit from Middle Eastern supplies.
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India's Fuel Reserves Secure Despite Middle East Crisis: Petroleum Minister
Since Saturday, when Israel and its all-weather ally, the US, launched a military campaign against Iran, plunging not only the West Asian region into turmoil, but also sending oil prices skyrocketing.
India has sufficient stock of fuel for at least 25 days amid market turbulence, which began with the closure of the Strait of Hormuz for oil cargoes in the aftermath of the brutal military confrontation between Iran and Israel-US, the country's Federal Petroleum Minister Hardeep Singh Puri said at a media briefing in Delhi.
"At present, the Government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority," Puri told reporters.
India is the third-largest importer of crude, and nearly 50% of its energy supplies, including
Liquified Natural Gas (LNG), pass through the Strait of Hormuz, which has been shut down by Iran's
Islamic Revolutionary Guard Corps (IRGC) for ships
supplying crude to foreign nations.
"Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation," the Ministry of Petroleum said in a statement.
Meanwhile, Russia said that India has shown its interest in procuring more oil from Russia, as disruptions in the Gulf are roiling energy markets the world over.
"Yes, we are getting signals of renewed interest from India," Deputy Prime Minister Alexander Novak stated in an interview with state-run TV Rossiya 1.
Earlier, an energy analyst also predicted that India would increase its imports from Russia to overcome the deficit from Middle Eastern supplies.
"As global crude benchmarks move closer to the $100-per-barrel threshold, Russian crude is likely to remain economically attractive for one of the world's largest oil-consuming nations," Chandna underscored," Arpit Chandna, a crude analyst with the London Stock Exchange Group (LSEG), told Sputnik India earlier this week.
