Indian consumers struggling with higher fuel costs may get some relief in the coming months. Petroleum and Natural Gas Minister Hardeep Singh Puri has said that oil prices are unlikely to remain at their current elevated levels for “a very long time” and are expected to ease in the months ahead.
His comments come at a time when global energy markets are under pressure due to the ongoing conflict involving Iran, which has disrupted oil and gas supplies and pushed crude prices close to the $100-a-barrel mark.
Speaking to CNN-News18, Puri said both oil and gas prices are likely to soften over the coming months despite the current geopolitical tensions, Reuters reported.
Global crude prices have risen sharply since the conflict affected shipments through the Strait of Hormuz, one of the world’s most important energy routes. Before the conflict began, around one-fifth of global oil and gas supplies passed through the narrow waterway.
However, the minister expressed confidence that current price levels are unlikely to be sustained for an extended period.
Indian consumers have already felt the impact of higher global energy costs.
State-run fuel retailers have raised petrol and diesel prices four times since mid-May. Petrol prices have increased by around 7.8%, while diesel prices are up by about 8.6%.
The hikes were aimed at offsetting higher import costs and supply disruptions caused by the conflict in the Gulf region.
Puri said India is well prepared to deal with the current situation and has sufficient oil and gas reserves.
According to the minister, the country’s available stocks can meet demand for around 76 to 80 days. This provides a cushion against short-term supply disruptions and helps ensure energy security.
At the same time, he cautioned that the situation could become more concerning if the conflict spreads further across the region.
India relies heavily on imported , and a significant portion of its energy imports previously moved through the Strait of Hormuz.
To address any shortages, Puri said suppliers from the Western Hemisphere, including the United States and Canada, could help fill supply gaps if required.
This diversification of supply sources could reduce pressure on India’s energy imports and support market stability.
Meanwhile, India has consistently urged all sides involved in the conflict to pursue dialogue and diplomacy.
The Ministry of External Affairs on Monday expressed deep concern over the renewed hostilities and called for immediate de-escalation. The government also urged all parties to continue negotiations and work towards a diplomatic solution.
While fuel prices remain elevated for now, Puri’s comments suggest that policymakers expect the pressure to ease over time. Much will depend on how the geopolitical situation develops in the coming weeks.
For consumers, the hope is that if global crude prices cool as expected, the recent rise in petrol and diesel prices may not last indefinitely.