Oil Prices in India: If Iran closes the Strait of Hormuz, what is India's Plan B, Petroleum Minister told the strategy:

News Topical, Digital Desk : Amid rising tensions in West Asia, the Indian government is keeping a close eye on the supply and prices of oil and gas. According to reports, after the US attack on three nuclear sites in Iran, Iran is planning to close the Strait of Hormuz. This strait is an important route for the supply of one-fifth of the world's oil and gas.

India imports a large part of its oil needs through this route. If it is closed, it is likely to have an impact. However, the government has assured that the public will continue to get fuel and there will be no shortage of supply.

Petroleum and Natural Gas Minister Hardeep Singh Puri said that India has been monitoring the situation in the Middle East for the last two weeks. He talked about diversifying the sources of oil supply under the leadership of Prime Minister Narendra Modi.

It is difficult to speculate on prices, but the market may recover

Speaking to ANI, Hardeep Singh Puri said, "It is very difficult to speculate on prices. For a long time, oil prices were between $65 and $70, then between $70 and $75. When the markets open on Monday, the impact of the closure of the Strait of Hormuz will be seen in the prices. But as I have been saying for a long time, there is enough oil available in the global markets. Especially the supply of oil is increasing from the Western Hemisphere."

He said, "Traditional suppliers will also be interested in maintaining supplies as they also need revenue. Hopefully the market will take this into account. The Modi government has not only ensured stability of supply but also kept prices affordable in the last several years. We will take every step necessary."

However, experts believe that oil and gas is a "highly sensitive" sector, and even a small blockage can lead to a big surge in global crude oil prices. If the closure of the Strait of Hormuz lasts "more than a week", it could shock the global economy and India will also not be untouched by its impact.

Hope the situation returns to normal soon

India is importing crude oil from Russia, but its profit depends on discounts and price trends. NDTV quoted a source as saying that if the price of crude oil goes above $105 a barrel, the government may review the cut in excise duty on fuel.