Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, reassured that India does not face a crude oil shortage despite Brent prices climbing 13% due to tensions between Israel and Iran.
India imports 88% of its crude from 39 countries, making it susceptible to market fluctuations. However, Puri noted that global oil supply currently exceeds demand. Analysts predict price stabilization if geopolitical tensions remain manageable. The Indian crude oil basket averaged $78.27 per barrel in August, with retail petrol and diesel prices static since mid-2022.