India Monitors West Asia Crisis to Prevent Fuel Price Hikes

The Union Ministry of Petroleum and Natural Gas has moved to reassure the nation regarding energy security as the escalating crisis in West Asia threatens global oil supplies. 

Following a high-level review meeting on Monday, Petroleum Minister Hardeep Singh Puri confirmed that the government is taking all necessary steps to guarantee both the "availability and affordability" of crude oil, LPG and other essential petroleum products.

India, which relies heavily on West Asian nations for its energy requirements, is currently monitoring the volatile geopolitical situation on a 24-hour basis. 

"We are continuously monitoring the evolving situation, and all necessary steps will be taken to ensure the availability of major petroleum products in the country," the Ministry stated via an official communiqué.

Parallel to energy concerns, the Department of Commerce held a massive stakeholder consultation to shield India’s trade ecosystem from the conflict's fallout. 

Chaired by Special Secretary Suchindra Misra and Director General of Foreign Trade (DGFT) Lav Agarwal, the meeting brought together representatives from the RBI, shipping lines, logistics operators, and the Ministry of Ports to assess the impact on export-import cargo flows.

The discussions focused on the rising costs of freight and insurance, as well as the logistical challenges posed by rerouting vessels and adjusted shipping schedules. 

To protect Indian exporters, the Ministry emphasized the need for "predictability in cargo movement" and the minimization of delays in documentation and payment processes. 

As the conflict intensifies, the Indian government remains committed to maintaining a seamless supply chain to prevent domestic price hikes and industrial disruptions.

Source: ANI