India's view of changing geopolitical situation in West Asia continues through alternative routes

New -Delhi, June 22 (IANS). The government is constantly monitoring the ongoing geopolitical tension in West Asia. Petroleum Minister and Minister of Natural Gas, Hardep Singh Puri, said on Sunday that India was carefully monitoring the emerging situation over the past two weeks. Hardep Singh Puri has also made it clear that India’s oil marketing companies (OMCs) already have a few weeks of offer. He said in a post on social media platform X that India has been carefully monitoring this emerging situation over the past two weeks. Under the guidance of Premier Narendra Modi, India has its energy supply in the last few years diverse and now a large part of our offer is coming by Hormuz Strait. He assured that India’s oil marketing companies already had a few weeks of offer and that they were constantly getting energy supply from different alternative routes. The Union Minister said the government is ready to take all necessary steps to allow no instability in fuel supply to its citizens. It is noteworthy that the broad battle in the midst of the East is expected to affect the oil supply of Saudi Arabia, Iraq, Kuwait and the UAE, which will bring a sharp rise to oil prices. Shipment can also be affected, as Yemen’s Huti rebels have already warned that if the US attacks Iran, they will resume their attacks on ships. India imports about 85 percent of its crude oil requirement, and oil prices increase increases its oil import account and increases the inflation rate, which damages economic growth. Major foreign exchange expenses weaken the rupee against the US dollar. However, India has gained diversity and strength in its oil import baskets by increasing imports from Russia as well as the US and by increasing strategic reserves. Puri said earlier that there are now 23 modern operating refineries in the country, which has a total capacity of 25.7 million tonnes per year. -Ians PSK/Ekd Share this Story Tags