India currently has stocks of crude oil and refined petroleum products that can last for 50 days in total, i.e., with 25 days’ worth of crude oil and another 25 days of petroleum products, government sources said. At the same time, officials are looking for alternative countries to import crude oil, LPG and LNG, as tensions rise in the Middle East.
There is no immediate plan to increase petrol and diesel prices, government sources added.
STRAIT OF HORMUZ ‘CLOSED’, SAYS IRAN’S IRGC
Iran’s Islamic Revolutionary Guard Corps (IRGC), said on Monday that the Strait of Hormuz is “closed” for shipping traffic. It warned that any vessel trying to pass through the key waterway would be set on fire, according to Iranian state media.
The statement marks a sharp escalation in the ongoing conflict involving Iran on one side and Israel and the US on the other.
AIR STRIKES AND RISING TENSIONS
The US and Israel widened their air operations against Iran on Monday. Israel also carried out attacks in Lebanon. In response, Iran launched strikes on energy infrastructure in Gulf countries and targeted tankers moving through the Strait of Hormuz.
As a result, shipping through the narrow passage has become increasingly risky. Several tankers and container ships are avoiding the route. Insurers have cancelled coverage for vessels operating in the area, making it even harder for ships to move through the region.
OIL PRICES CLIMB
Global oil prices rose for the third straight session on Tuesday. Traders are worried that supplies from the Middle East, one of the world’s most important oil-producing regions, could be disrupted.
Shipping costs for oil and gas have also jumped sharply as companies assess the growing risks.
Brent crude was trading at $79.44 a barrel at 0400 GMT, up $1.70 or 2.2%. On Monday, it had jumped to $82.37, its highest since January 2025, before cooling off and closing 6.7% higher.
US West Texas Intermediate (WTI) crude rose $1.17, or 1.6%, to $72.40 a barrel. In the previous session, it touched its highest level since June 2025 and still finished 6.3% up despite easing later.
GOVERNMENT ASSURES FUEL SECURITY
Meanwhile, the Government on Monday assured citizens that India’s energy supplies remain secure and well-monitored.
Briefing the media, Petroleum and Natural Gas Minister Hardeep Singh Puri said India is adequately prepared to handle short-term disruptions arising from the evolving geopolitical situation, according to PIB.
India is currently the world’s third-largest crude oil importer, fourth-largest refiner, and fifth-largest exporter of petroleum products. The country maintains sufficient stocks of crude oil as well as key fuels such as petrol, diesel and aviation turbine fuel (ATF), ensuring there is no immediate cause for concern.
Over the past few years, India has significantly diversified its crude sourcing strategy to enhance energy security. Officials noted that several energy supplies are now routed through alternative channels and are not dependent on the Strait of Hormuz, reducing vulnerability to regional disruptions.
To stay vigilant, the Ministry has set up a 247 control room to continuously track fuel supplies and inventory levels across the country. At present, the government described the stock position as “reasonably comfortable.”
Authorities emphasised that protecting consumer interests remains the top priority. The situation is being closely monitored, and phased measures may be introduced if necessary to mitigate any emerging risks.
For the moment, consumers are unlikely to see any change in petrol and diesel prices. But much will depend on how the situation in the Strait of Hormuz develops in the coming days.
