'No shortage of energy in India and there is no cause of worry for our energy consumers...': Hardeep Singh Puri amid US-Israel-Iran conflict

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said India is not facing shortage of energy despite ongoing geopolitical volatility in West Asia. Addressing concerns over potential disruptions to crude oil supplies, Puri highlighted that the government’s priority remains the provision of affordable and sustainable fuel for citizens. He emphasised that energy imports continue uninterrupted and consumers need not worry about fuel availability or price volatility.

"Our priority is to ensure availability of affordable and sustainable fuel for our citizens, and we are doing it comfortably. There is no shortage of energy in India and there is no cause of worry for our energy consumers," he said. Puri said during a media briefing. These comments followed rising regional tensions and industry speculation regarding supply security.

Recent instability in West Asia, particularly around the Strait of Hormuz, has prompted global attention to the flow of crude oil. However, government sources cited by ANI characterised India’s current oil, petroleum product, and LPG supply situation as a "very comfortable position". Officials indicated that proactive measures and diversified sourcing have helped fortify India’s energy security in the face of external risks.

US grants 30-day waiver

The United States on Thursday granted India a 30-day waiver to purchase Russian crude, as the ongoing Iran conflict disrupts global energy supplies and raises concerns about oil availability.

Oil prices surged sharply amid the turmoil. West Texas Intermediate (WTI) jumped 8.51%, or $6.35, to close at $81.01 per barrel, marking its biggest single-day gain since May 2020. Brent crude, the global benchmark, rose 4.93%, or $4.01, to settle at $85.41 per barrel.

The waiver allowing purchases of Russian oil could help ease supply concerns, particularly given India’s central role in global refining. India is the world’s fourth-largest refiner and the fifth-largest exporter of petroleum products. On Friday, however, oil prices cooled slightly, with Brent and WTI falling more than 1% to $84.42 and $79.92 per barrel, respectively.

India’s crude import strategy

India, also the third-largest oil importer globally, had been shifting away from Russian crude toward Middle Eastern suppliers in recent months.

However, India’s crude import strategy has evolved significantly since 2022. Imports from Russia have increased sharply, with data from February showing that around 20% of India’s crude imports — about 1.04 million barrels per day — originated from Moscow. This diversification aims to reduce vulnerability to disruptions in any single region.

State-owned Indian Oil Corporation also responded to rumours circulating on social media about fuel shortages, calling such claims “baseless.” The company said inventory levels remain sufficient and distribution channels are operating normally.

Indian Oil urged citizens not to panic or crowd fuel stations and advised the public to rely only on official information.

To support continuous supply, officials said all major refineries and LPG production units have been directed to increase output, a coordinated effort intended to strengthen nationwide availability and shield India from international supply disruptions.

India has also broadened its sourcing of liquefied petroleum gas (LPG). In November 2025, public sector companies finalised a one-year contract to import about 2.2 million tonnes per annum from the US Gulf Coast, strengthening reserves for 2026. The move forms part of a broader strategy to diversify suppliers and improve energy resilience.

Industry analysts say India’s approach — combining diversified imports, increased refinery output and transparent communication — reflects global best practices for managing volatility in energy markets while maintaining consumer confidence during geopolitical uncertainty.