<p>New Delhi: India is well-stocked with crude oil and has adequate inventories of key petroleum products, including petrol, diesel and ATF, to deal with short-term disruptions, Union Minister Hardeep Singh Puri said on Tuesday as oil prices surged to over $85 a barrel amid deepening crisis in West Asia.</p>.<p>Puri claimed that Indian energy companies have access to energy supplies that are not routed through the Strait of Hormuz. “Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through Hormuz,” he said.</p>.<p>According to government sources, India has around 50 days of oil stocks. This includes 25 days of refined petroleum products like petrol and diesel and 25 days worth of crude oil.</p>.<p>Sources added that the government has no immediate plans to raise the retail price of petrol and diesel.</p>.<p>Meanwhile, Iranian attack on oil tankers forced the closure of the Strait of Hormuz, one of the world’s most critical energy chokepoints.</p>.India says crude oil, fuel stocks to last 25 days; enough supply to last West Asia crisis.<p>Nearly a fifth of the world's oil and gas supplies passes through the strait, which lies between Iran and Oman, connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea.</p>.<p>Amid escalating war in the region, Iran claimed that it had closed the strait. This led to a sharp jump in oil prices for the third day. Price of Brent crude soared by more than 8% to over $85 a barrel, its highest level since July 2024.</p>.<p>Escalation in the US' and Israel’s war with Iran is likely to push the prices further up in the coming days, analysts said. </p>.<p>The Ministry of Petroleum & Natural Gas said it has established a 24×7 Control Room to continuously monitor the supply and stock position of petroleum products across the country. “At present, the government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority,” it said.</p>.<p>“Based on continuous monitoring, the government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation,” the ministry said.</p>.<p>Commerce Minister Piyush Goyal informed that the Centre has created an “Inter-Ministerial Group” to monitor the supply-chain. The group comprises members from the Department of Financial Services; Ministry of External Affairs; Ministry of Shipping, Ports & Waterways; Ministry of Petroleum & Natural Gas; and Central Board of Indirect Taxes & Customs.</p>.<p>“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 said in a post on X.</p>.<p>Analysts warned that the oil price rise would push India’s import bills, leading to higher inflation and putting pressure on monetary tightening.</p>.<p>“The short-term impact would be an increase in commodity prices and some supply disruption. Overall, the impact depends on how long conflict will continue,” said Devendra Pant, Chief Economist, Ind-Ra.</p>
<p>New Delhi: India is well-stocked with crude oil and has adequate inventories of key petroleum products, including petrol, diesel and ATF, to deal with short-term disruptions, Union Minister Hardeep Singh Puri said on Tuesday as oil prices surged to over $85 a barrel amid deepening crisis in West Asia.</p>.<p>Puri claimed that Indian energy companies have access to energy supplies that are not routed through the Strait of Hormuz. “Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through Hormuz,” he said.</p>.<p>According to government sources, India has around 50 days of oil stocks. This includes 25 days of refined petroleum products like petrol and diesel and 25 days worth of crude oil.</p>.<p>Sources added that the government has no immediate plans to raise the retail price of petrol and diesel.</p>.<p>Meanwhile, Iranian attack on oil tankers forced the closure of the Strait of Hormuz, one of the world’s most critical energy chokepoints.</p>.India says crude oil, fuel stocks to last 25 days; enough supply to last West Asia crisis.<p>Nearly a fifth of the world's oil and gas supplies passes through the strait, which lies between Iran and Oman, connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea.</p>.<p>Amid escalating war in the region, Iran claimed that it had closed the strait. This led to a sharp jump in oil prices for the third day. Price of Brent crude soared by more than 8% to over $85 a barrel, its highest level since July 2024.</p>.<p>Escalation in the US' and Israel’s war with Iran is likely to push the prices further up in the coming days, analysts said. </p>.<p>The Ministry of Petroleum & Natural Gas said it has established a 24×7 Control Room to continuously monitor the supply and stock position of petroleum products across the country. “At present, the government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority,” it said.</p>.<p>“Based on continuous monitoring, the government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation,” the ministry said.</p>.<p>Commerce Minister Piyush Goyal informed that the Centre has created an “Inter-Ministerial Group” to monitor the supply-chain. The group comprises members from the Department of Financial Services; Ministry of External Affairs; Ministry of Shipping, Ports & Waterways; Ministry of Petroleum & Natural Gas; and Central Board of Indirect Taxes & Customs.</p>.<p>“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 said in a post on X.</p>.<p>Analysts warned that the oil price rise would push India’s import bills, leading to higher inflation and putting pressure on monetary tightening.</p>.<p>“The short-term impact would be an increase in commodity prices and some supply disruption. Overall, the impact depends on how long conflict will continue,” said Devendra Pant, Chief Economist, Ind-Ra.</p>