Cork [Ireland], June 22: As tensions rise over Iran’s threat to block the strategically crucial Strait of Hormuz, India’s Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured citizens that the Modi government will take “all necessary measures” to maintain fuel affordability and supply stability.
Puri highlighted the government’s proactive steps over the years to ensure energy security despite geopolitical uncertainties. “The Modi government has, over the past several years, not only ensured the stability of supplies, but also affordability. We will take all necessary measures to ensure that,” he stated.
The Strait of Hormuz—linking the Persian Gulf with the Gulf of Oman—is a vital artery for global oil shipments. Iran’s consideration to block it, following US airstrikes on its nuclear sites, has raised alarms globally, particularly for fuel-importing nations.
Puri noted that while it is difficult to speculate on the immediate price impact, global markets will likely adjust once they open on Monday. “It’s very difficult to speculate on the price factor… When the markets open tomorrow, the consequences of the closure of the Strait of Hormuz will be factored in. But as I’ve been saying for a long time, enough oil is available in the global markets,” he said.
He added that the global oil supply is expanding, particularly from Western countries, and that traditional suppliers also have a vested interest in keeping oil flowing due to their revenue needs.
In a post on social media platform ‘X’, Puri reiterated India’s preparedness, emphasizing supply diversification and adequate fuel reserves. “We have been closely monitoring the evolving geopolitical situation in the Middle East. Under PM @narendramodi Ji’s leadership, we have diversified our supplies in the past few years, and a large volume of our energy needs no longer pass through the Strait of Hormuz,” he wrote.
He further assured that Indian Oil Marketing Companies (OMCs) have several weeks of fuel reserves and continue to receive supplies through alternative routes. “We will take all necessary steps to ensure stability of fuel supplies to our citizens,” he concluded.
Iran’s threat follows recent US airstrikes on underground nuclear facilities at Natanz, Fordow, and Isfahan, with Iranian Revolutionary Guard commander Sardar Esmail Kowsari declaring that closing the Strait of Hormuz is “under consideration.” The closure would not only impact global oil flows but also severely affect Europe and major Asian economies, according to EuroNews.