Global Tension Clouds Fuel Price Forecast, Minister Puri Assures Stability

Minister Hardeep Singh Puri expresses uncertainty over fuel prices due to global tensions, particularly in the Middle East. Despite this, he assures there's no crude oil shortage, highlighting increasing production from countries like Brazil and the USA. Puri affirms India's preparedness to meet energy demands through expanded oil sourcing.

In a landscape marked by geopolitical upheaval, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Tuesday admitted that forecasting fuel prices remained a challenging endeavor. Highlighting the persistent tensions in the Middle East, Minister Puri expressed an optimistic outlook regarding the stability of fuel prices, citing a continued steady supply of crude oil on the market.

Minister Puri communicated the complexities contributing to the unpredictability of fuel prices, particularly the tense environment involving the Middle East. He acknowledged that all involved parties are likely to work towards preventing further escalation, which he believes will secure the stability of fuel prices. Reassuringly, Puri emphasized the absence of a crude oil shortage globally, strengthening his stance that prices will stabilize.

With recent market fluctuations, crude oil prices encountered significant disruptions following geopolitical movements, including Israel's attack on Iran. Despite a 6 percent dip in prices on Monday, Brent oil prices demonstrated resilience, reflecting only modest fluctuations. The assurance from Minister Puri emphasized India's strategic efforts to diversify its oil procurement from 27 to 39 suppliers, addressing the country's growing energy appetite.

(With inputs from agencies.)