India has 25 days of oil stocks, scouting alternatives sources amid West Asia tensions

Amid ongoing turmoil in West Asia, government sources on Tuesday said that India currently has about 25 days of crude oil and refined petroleum product stocks and is exploring alternative sources for importing crude oil, LPG and LNG.

Sources indicated that there are no immediate plans to raise petrol or diesel prices in the country despite the prevailing geopolitical tensions.

The Ministry of Petroleum and Natural Gas stated that it is closely monitoring the evolving situation and will take all necessary steps to ensure the availability and affordability of key petroleum products.

“We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country,” the Ministry said in a post on X.

India remains a major importer of crude oil and natural gas from West Asian countries, making the region strategically significant for its energy security.

Earlier on Monday, Union Petroleum and Natural Gas Minister Hardeep Singh Puri reviewed the supply situation of crude oil, LPG and other petroleum products with senior officials from the Ministry and public sector undertakings (PSUs) amid the tensions.

In a parallel development, the Department of Commerce under the Ministry of Commerce and Industry held a stakeholder consultation meeting to assess the potential impact of the West Asia situation on India’s export-import cargo flows.

The meeting was chaired by Special Secretary Suchindra Misra and Director General of Foreign Trade Lav Agarwal. It was attended by representatives from logistics operators, shipping lines and freight forwarders, the Central Board of Indirect Taxes and Customs, the Department of Financial Services, the Petroleum Ministry, the Ministry of Ports, Shipping and Waterways, the Reserve Bank of India and other stakeholders.

Participants reviewed routing and transit-time changes, vessel scheduling adjustments, container availability, freight and insurance cost trends, and their implications for time-sensitive exports.

“The discussions covered the need to maintain predictability in cargo movement, minimise avoidable delays, and ensure seamless documentation and payment processes for exporters and importers,” the Commerce Ministry said in a statement.

The government emphasised that it remains vigilant and prepared to respond swiftly to any disruptions affecting energy supplies or trade flows.