After the US strikes key Iranian nuclear facilities, India is keeping a close watch on the oil trends following reports that Iran is planning to close the Strait of Hormuz. The Strait is a key shipping route, connecting the Persian Gulf and the Gulf of Oman. The Union Petroleum and Natural Gas Minister, Hardeep Puri, on Sunday assured that the Modi Government will take ‘all necessary measures’ to ensure the “stability of fuel supplies.”
While speaking to ANI, Hardeep Puri said, “The Modi government has, over the past several years, not only ensured the stability of supplies, but also affordability. We will take all necessary measures to ensure that.” Meanwhile, the Oil Minister stated the consequences of the Strait’s closure would be accounted for after markets open on Monday, June 23. Amid speculations regarding stability in India’s oil supply chain, he said in a post on X that they have diversified the country’s supplies in the past few years, and a large volume of our supplies no longer through the Strait of Hormuz.
The Union Minister said, “We have been closely monitoring the evolving geopolitical situation in the Middle East for the past two weeks. Under the leadership of PM Narendra Modi, we have diversified our supplies in the past few years, and a large volume of our supplies does not come through the Strait of Hormuz now. Our Oil Marketing Companies have supplies for several weeks and continue to receive energy supplies from several routes. We will take all necessary steps to ensure stability of supplies of fuel to our citizens.”
We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks. Under the leadership of PM @narendramodi Ji, we have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait…
---Advertisement---— Hardeep Singh Puri (@HardeepSPuri) June 22, 2025
Hardeep Puri told ANI that sufficient oil is available in the global markets, particularly the Western Hemisphere. He added, “It’s very difficult to speculate on the price factor. The oil price for a long time was between 65 and 70 (USD per barrel). Then it was between 70 and 75. Today is a Sunday. When the markets open tomorrow, the consequences of the closure of the Strait of Hormuz will be factored in. But as I’ve been saying for a long time, enough oil is available in the global markets.”
#WATCH | Israel-Iran conflict | Cork, Ireland: Union Minister Hardeep Singh Puri says, “…It’s very difficult to speculate on the price factor. The oil price for a long time was between 65 and 70. Then it was between 70 and 75…When the markets open on Monday, the consequences… pic.twitter.com/LEUMf0HjTE
— ANI (@ANI) June 23, 2025
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