New Delhi: With tensions escalating in West Asia, the Ministry of Petroleum and Natural Gas conducted a high level review on Monday to assess the availability of crude oil, LPG and other essential petroleum products across the country.
The meeting, chaired by the Petroleum and Natural Gas Minister, was attended by senior ministry officials and representatives of public sector undertakings. The review focused on evaluating current supply levels and preparedness in light of growing instability in the Middle East.
In an official statement, the government said it is closely tracking developments and remains committed to ensuring that critical petroleum products remain accessible and reasonably priced. Authorities emphasised that all necessary measures would be taken to maintain supply stability and protect consumers from undue volatility.
The review comes as global oil markets reacted sharply to recent military strikes by the United States and Israel on Iran, followed by retaliatory action from Tehran. The escalation has unsettled energy markets and raised concerns about potential disruptions in international supply chains, particularly given the strategic importance of the region to global oil flows.
In early trading on Monday, West Texas Intermediate crude rose to about 72.79 dollars per barrel, marking an increase of roughly 8.6 per cent compared to Friday’s closing level of around 67 dollars. Brent crude, the global benchmark, also recorded a significant jump, climbing to 79.41 dollars per barrel, nearly 9 per cent higher than its previous close of 72.87 dollars.
The ripple effects were evident in domestic markets as well. On the Multi Commodity Exchange of India, crude oil prices surged by more than 10 per cent. The March delivery contract gained Rs 624, or 10.24 per cent, to trade at Rs 6,716 per barrel, reflecting heightened concerns over supply risks linked to the unfolding conflict.
Given India’s heavy reliance on imported energy, sustained price volatility could have broader implications for the economy and domestic oil marketing companies.
