Hardeep Puri Talks Oil: No Shortage Amidst Geopolitical Tensions

Union Petroleum and Natural Gas Minister Hardeep Singh Puri reassured that there is no shortage of crude oil globally, and India has sufficient refining capacity to meet domestic demand. Despite geopolitical tensions influencing oil routes and costs, prices remain controlled due to strategic central excise duty reductions.

Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured the nation on Tuesday that there is ample crude oil available globally, with India's refining capacity more than adequate to fulfill domestic needs.

Addressing the geopolitical tensions in the Middle East, Minister Puri expressed optimism that the situation will stabilize, emphasizing the collective global interest in preventing unnecessary escalation.

Puri highlighted that even amid the complex geopolitical landscape, the Indian market continues to benefit from one of the lowest petrol and diesel prices worldwide, thanks to past central excise duty reductions.

(With inputs from agencies.)