"There will be stability in prices": Union Minister Puri on shortage fear over India's energy supplies amid Israel-Iran conflict

By Suchitra Mukherjee
New Delhi [India], June 18 (ANI): Amid escalating tensions between Israel and Iran, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Wednesday assured that India has sufficient petrol and diesel reserves and that country has nothing to worry about, as it also has enough energy supplies for the coming months.
When asked about potential oil and gas shortages due to the conflict, Union Minister Hardeep Singh Puri, speaking exclusively to ANI, emphasised that India's energy strategy focuses on availability, affordability, and sustainability.
"I assure you that there will be no shortage of crude oil. In the last three years, prices have not increased, but have decreased. India is a country that does not increase the price of petrol and diesel. There were three such occasions in November 2021, May 2022 and March 2024. We reduced the prices, so now it would be better if it remains like this. I would not anticipate any disruption in this, I think there will be stability in prices," he stated.
Earlier on June 16 this year, Union Minister Hardeep Singh Puri revealed positive news about India's potential oil and gas reserves in the Andaman Sea.
He stated that the region might hold massive reserves comparable to Guyana's significant oil discoveries. Puri was optimistic about the ongoing exploration efforts, suggesting the Andaman area could be home to multiple large oil and gas reserves.
This potential discovery could be a game-changer for India, reducing its reliance on imported energy, boosting the economy, and improving energy security amidst global tensions like the Israel-Iran conflict. (ANI)