India left with only 25 days of oil as import routes closed amidst Israel-Iran war, closing of Strait of Hormuz

A significant relief for the public is that the Indian government has no intention of increasing petrol and diesel prices at this time.

New Delhi: Amidst rising tensions in West Asia and the Iran-Israel war, India now has only 25 days of crude oil and refined oil reserves left.

News agency ANI provided this update regarding the country’s energy security, citing government sources. However, the government will not raise petrol and diesel prices immediately.

Strait of Hormuz closed

Iran has announced the closure of the Strait of Hormuz. The Iranian military has warned that any ship passing through this route will be set on fire. This route, located between Oman and Iran, is considered crucial for the global oil trade.

The closure of the Strait of Hormuz will impact the oil supply of many countries, with Asian countries, including India, being the most affected. Due to the closure of this route, crude oil prices in the global market could exceed $100 per barrel. Currently, the price of Brent crude has risen by approximately 5.58% to reach around $80.41 per barrel.

No plans to increase petrol and diesel prices yet

A significant relief for the public is that the Indian government has no intention of increasing petrol and diesel prices at this time. According to sources, efforts are being made to maintain stable prices domestically despite fluctuations in the international market. The Petroleum Ministry has stated that all necessary steps will be taken to ensure the availability and affordable prices of key petroleum products in the country.

Petroleum Minister holds review meeting

Earlier on Monday, Union Petroleum and Natural Gas Minister Hardeep Singh Puri held a high-level meeting with senior ministry officials and state-owned oil companies. The meeting reviewed the supply situation of crude oil and LPG. The ministry posted on the social media platform X and stated that it is closely monitoring the evolving situation.