India's Petroleum and Natural Gas Minister Hardeep Singh Puri has expressed confidence in the country's ability to manage potential disruptions in oil supply stemming from escalating tensions in West Asia. This assurance comes as crude oil prices have surged to nearly $80 per barrel, driven by recent missile attacks on Israel attributed to Iran, raising concerns about a broader conflict that could jeopardise oil supplies from the region as detailed in a report by Reuters.

India, the world's third-biggest oil importer and consumer, imports about 85 per cent of its over 5 million barrels per day of oil needs, with a significant part of that coming from producers in West Asia.

Hardeep Puri further stated that, "We are watching the situation very, very carefully. Energy availability can get affected if there is an exacerbation - that goes without saying." He emphasised that India's energy security is a priority and that the nation is prepared to navigate any challenges that may arise.

The increase in global benchmark prices has also prompted Saudi Arabia, one of the largest oil producers, to slightly raise its supply rates for Asian customers. However, Puri reassured that there is no shortage of oil globally. "There is enough oil available, and we have enough choices to exercise," he noted. This statement reflects a broader optimism about the resilience of the global oil market amidst geopolitical uncertainties.

The minister highlighted the importance of cooperation among state and non-state actors in mitigating risks associated with potential conflicts. "I'm also counting on the goodwill of all the state actors and non-state actors to carefully weigh the consequences of any actions that might be contemplated," he added.

As India continues to monitor developments in West Asia closely, Puri's remarks underline a proactive approach towards energy management. The country remains one of the largest importers of crude oil, making it particularly vulnerable to fluctuations in global supply and pricing.

In light of these developments, industry analysts are keeping a close eye on how geopolitical tensions might influence not only oil prices but also broader economic conditions globally. The potential for increased volatility in energy markets could impact various sectors within India’s economy, particularly those reliant on stable energy supplies.

Therefore, while the geopolitical landscape remains uncertain, stakeholders across industries will be watching closely to see how these dynamics unfold and what measures will be taken to safeguard India's energy interests.

India's Petroleum and Natural Gas Minister Hardeep Singh Puri has expressed confidence in the country's ability to manage potential disruptions in oil supply stemming from escalating tensions in West Asia.

India's Petroleum and Natural Gas Minister Hardeep Singh Puri has expressed confidence in the country's ability to manage potential disruptions in oil supply stemming from escalating tensions in West Asia. This assurance comes as crude oil prices have surged to nearly $80 per barrel, driven by recent missile attacks on Israel attributed to Iran, raising concerns about a broader conflict that could jeopardise oil supplies from the region as detailed in a report by Reuters. India, the world's third-biggest oil importer and consumer, imports about 85 per cent of its over 5 million barrels per day of oil needs, with a significant part of that coming from producers in West Asia. Hardeep Puri further stated that, "We are watching the situation very, very carefully. Energy availability can get affected if there is an exacerbation - that goes without saying." He emphasised that India's energy security is a priority and that the nation is prepared to navigate any challenges that may arise. The increase in global benchmark prices has also prompted Saudi Arabia, one of the largest oil producers, to slightly raise its supply rates for Asian customers. However, Puri reassured that there is no shortage of oil globally. "There is enough oil available, and we have enough choices to exercise," he noted. This statement reflects a broader optimism about the resilience of the global oil market amidst geopolitical uncertainties. The minister highlighted the importance of cooperation among state and non-state actors in mitigating risks associated with potential conflicts. "I'm also counting on the goodwill of all the state actors and non-state actors to carefully weigh the consequences of any actions that might be contemplated," he added. As India continues to monitor developments in West Asia closely, Puri's remarks underline a proactive approach towards energy management. The country remains one of the largest importers of crude oil, making it particularly vulnerable to fluctuations in global supply and pricing. In light of these developments, industry analysts are keeping a close eye on how geopolitical tensions might influence not only oil prices but also broader economic conditions globally. The potential for increased volatility in energy markets could impact various sectors within India’s economy, particularly those reliant on stable energy supplies. Therefore, while the geopolitical landscape remains uncertain, stakeholders across industries will be watching closely to see how these dynamics unfold and what measures will be taken to safeguard India's energy interests.

India poised to navigate West Asia tensions, says petroleum minister Hardeep Singh Puri

Pakistan's Minister of State for Petroleum Musadik Malik said that the government cannot provide 24x7 gas supply throughout the country, reported The News International as the issue of load-shedding has become a daily problem amid the deteriorating economic crisis.

"We cannot provide gas 24 hours as our reserves have dropped," he stated, further adding the officials would ensure that the gas load-shedding ends during ‘sehri’ and ‘iftar’.

Malik further said that he will be visiting Karachi soon to resolve the issue of gas supply which people are facing. "The gas bill of the rich and poor has been separated; rich people will have to pay more now," said the minister.

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Pakistan's Prime Minister Shehbaz Sharif had earlier directed the officials to ensure that people get uninterrupted supply of gas, stating that the officials will supervise the process and they will not tolerate any negligence, said the report.

The minister gave the statement as the suspension of supplies to industries and power plants was announced by the Sui Southern Gas Company (SSGC) last week amid low supply of gas.

SSGC stated that there has been a decrease in the volume of gas in pipelines due to reduced supply. Reacting to the statement of SSGC, the Karachi Chamber of Commerce and Industry (KCCI) called for immediate action by the government over the gas supply shortage which people in Karachi are facing.

Without gas, industries cannot function and will be forced to stop production, said KCCI.

WATCH | Gravitas Plus: Pakistan's Economic Crisis Explained

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"It's highly unfair to have such an attitude towards Karachi's business community which, despite facing so many odds and challenges, contributes around 54 per cent in terms of exports and more than 68 per cent in terms of revenue," said KCCI president Muhammad Tariq Yousuf.

Meanwhile, India revised the pricing mechanism for natural gas produced in bulk amounts by state-run explorers — 10% of India’s monthly average import price of crude oil with a floor of $4 per unit and a cap of $6.5.

The step will effectively cut down the price of piped natural gas (PNG) which is supplied to kitchens and compressed natural gas (CNG) which is used in automobiles by around 11 per cent from Saturday.&nbsp;

(With inputs from agencies)

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Pakistan's Minister of State for Petroleum Musadik Malik said that the government cannot provide 24x7 gas supply throughout the country, reported The News International as the issue of load-shedding has become a daily problem amid the deteriorating economic crisis.

Pakistan's Minister of State for Petroleum Musadik Malik said that the government cannot provide 24x7 gas supply throughout the country, reported The News International as the issue of load-shedding has become a daily problem amid the deteriorating economic crisis. "We cannot provide gas 24 hours as our reserves have dropped," he stated, further adding the officials would ensure that the gas load-shedding ends during ‘sehri’ and ‘iftar’. Malik further said that he will be visiting Karachi soon to resolve the issue of gas supply which people are facing. "The gas bill of the rich and poor has been separated; rich people will have to pay more now," said the minister. ALSO READ | Saudi Arabia refuses to provide interest-free loans to Pakistan, demands reforms Pakistan's Prime Minister Shehbaz Sharif had earlier directed the officials to ensure that people get uninterrupted supply of gas, stating that the officials will supervise the process and they will not tolerate any negligence, said the report. The minister gave the statement as the suspension of supplies to industries and power plants was announced by the Sui Southern Gas Company (SSGC) last week amid low supply of gas. SSGC stated that there has been a decrease in the volume of gas in pipelines due to reduced supply. Reacting to the statement of SSGC, the Karachi Chamber of Commerce and Industry (KCCI) called for immediate action by the government over the gas supply shortage which people in Karachi are facing. Without gas, industries cannot function and will be forced to stop production, said KCCI. WATCH | Gravitas Plus: Pakistan's Economic Crisis Explained "It's highly unfair to have such an attitude towards Karachi's business community which, despite facing so many odds and challenges, contributes around 54 per cent in terms of exports and more than 68 per cent in terms of revenue," said KCCI president Muhammad Tariq Yousuf. Meanwhile, India revised the pricing mechanism for natural gas produced in bulk amounts by state-run explorers — 10% of India’s monthly average import price of crude oil with a floor of $4 per unit and a cap of $6.5. The step will effectively cut down the price of piped natural gas (PNG) which is supplied to kitchens and compressed natural gas (CNG) which is used in automobiles by around 11 per cent from Saturday. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Pakistan cannot supply gas 24/7 across country, rich have to pay more now: Petroleum minister

With a hike of Rs 0.29, the price of petrol on Monday jumped to Rs 73.91 in the National Capital Region.

Earlier, petrol was being sold at Rs 73.62 in Delhi.

The oil prices surged by more&nbsp;than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities that knocked out more than five per cent of the global oil supply.

However, Petroleum Minister Dharmendra Pradhan had explicitly said that there will be no effects on oil distribution and supply in the country following attacks on the Oil Stabilisation Centres of Saudi oil giant Aramco.

"It is unfortunate that the oil stabilisation centres of Aramco have been attacked. Following the attacks, top executives of Aramco have been contacted. Indian Ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan had said.

"We have reviewed our overall crude oil supplies for the month of September with our Oil Marketing Companies (OMCs). We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," he added.

With a hike of Rs 0.29, the price of petrol on Monday jumped to Rs 73.91 in the National Capital Region. Earlier, petrol was being sold at Rs 73.62 in Delhi. The oil prices surged by more than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities that knocked out more than five per cent of the global oil supply.

With a hike of Rs 0.29, the price of petrol on Monday jumped to Rs 73.91 in the National Capital Region. Earlier, petrol was being sold at Rs 73.62 in Delhi. The oil prices surged by more than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities that knocked out more than five per cent of the global oil supply. However, Petroleum Minister Dharmendra Pradhan had explicitly said that there will be no effects on oil distribution and supply in the country following attacks on the Oil Stabilisation Centres of Saudi oil giant Aramco. "It is unfortunate that the oil stabilisation centres of Aramco have been attacked. Following the attacks, top executives of Aramco have been contacted. Indian Ambassador in Riyadh contacted the senior management of Aramco to ensure a steady supply to India," Pradhan had said. "We have reviewed our overall crude oil supplies for the month of September with our Oil Marketing Companies (OMCs). We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation," he added.

Petrol price up by Rs 0.29 in Delhi

Prices of petrol and diesel were hiked for the ninth time in 9 days on Tuesday.&nbsp

Petrol is now selling at Rs 76.87 a litre in Delhi, the highest ever since September 2013.&nbsp

Petrol was on Monday and Sunday selling at Rs 76.57 and 76.24 respectively — both of which were record highs until they were broken the following day.&nbsp

In Mumbai meanwhile, petrol is selling at Rs 84.70 — another record high.&nbsp

News reports said Tuesday that Petroleum Minister Dharmendra Pradhan may meet oil companies today. Pradhan had on Sunday hinted at a tax cut, saying the Centre was "sensitive" about "rising fuel prices". That alternatives were being explored and that he hoped something would "work out soon".&nbsp&nbsp

Pradhan had not given out any more details.&nbsp

But should he be looking at a&nbspprice cut, the only two options he has is a reduction in excise duty or asking the oil companies to hold off on any further price hikes and bear the losses themselves.&nbsp 
&nbsp

News reports quoting unnamed sources said Tuesday that Petroleum Minister Dharmendra Pradhan may meet with oil companies today. He had on Sunday said the Centre was 'sensitive' about 'rising fuel prices'

Prices of petrol and diesel were hiked for the ninth time in 9 days on Tuesday. Petrol is now selling at Rs 76.87 a litre in Delhi, the highest ever since September 2013. Petrol was on Monday and Sunday selling at Rs 76.57 and 76.24 respectively — both of which were record highs until they were broken the following day. In Mumbai meanwhile, petrol is selling at Rs 84.70 — another record high. News reports said Tuesday that Petroleum Minister Dharmendra Pradhan may meet oil companies today. Pradhan had on Sunday hinted at a tax cut, saying the Centre was "sensitive" about "rising fuel prices". That alternatives were being explored and that he hoped something would "work out soon". Pradhan had not given out any more details. But should he be looking at a&nbspprice cut, the only two options he has is a reduction in excise duty or asking the oil companies to hold off on any further price hikes and bear the losses themselves.

Petrol, diesel prices hiked for 9th time in 9 days

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