India well-stocked with crude oil, says Union Minister Hardeep Singh Puri

Mangalore Today News Network

New Delhi, Mar 4, 2026: India has sufficient crude oil reserves and adequate stocks of key petroleum products — including petrol, diesel and aviation turbine fuel (ATF) — to manage short-term supply disruptions, Union Petroleum Minister Hardeep Singh Puri said on Tuesday. His remarks came as global oil prices surged past $85 per barrel amid the deepening crisis in West Asia.

Puri said Indian energy firms have access to crude supplies that do not pass through the Strait of Hormuz. “Such cargoes will remain available and help offset supplies that may be temporarily affected while transiting through Hormuz,” he noted.

Government sources stated that India currently holds around 50 days of oil stocks, comprising 25 days of crude oil and 25 days of refined petroleum products such as petrol and diesel. They also clarified that there are no immediate plans to increase retail fuel prices.

Tensions escalated after Iran reportedly attacked oil tankers, leading to the closure of the Strait of Hormuz — one of the world’s most vital energy chokepoints. Nearly 20% of global oil and gas supplies pass through the narrow passage between Iran and Oman, which connects the Persian Gulf to the Arabian Sea.

Amid the intensifying conflict involving the US and Israel with Iran, Tehran claimed it had shut the strait, triggering a sharp rise in oil prices for the third consecutive day. Brent crude jumped more than 8% to cross $85 a barrel, marking its highest level since July 2024. Analysts cautioned that further escalation could drive prices even higher in the coming days.

The Ministry of Petroleum and Natural Gas said it has set up a 24×7 control room to monitor the supply and stock position of petroleum products nationwide. “At present, the government is reasonably comfortable in terms of stocks. Protecting the interests of Indian consumers remains our top priority,” it said, adding that phased measures could be taken if necessary.

Commerce Minister Piyush Goyal said the Centre has formed an Inter-Ministerial Group to closely monitor supply chains. The group includes representatives from the Department of Financial Services, Ministry of External Affairs, Ministry of Shipping, Ports and Waterways, Ministry of Petroleum and Natural Gas, and the Central Board of Indirect Taxes and Customs.

“Today, a consultation meeting was held with all stakeholder ministries, key logistics and trade facilitation partners to review the emerging geopolitical situation and its potential impact on India’s exports and imports,” Goyal posted on X.

Experts warned that sustained high oil prices could inflate India’s import bill, stoke inflationary pressures, and complicate monetary policy decisions.

“The immediate impact would be higher commodity prices and some supply disruptions. The overall effect will depend on the duration of the conflict,” said Devendra Pant, Chief Economist at Ind-Ra.