India Has 76-80 Days of Oil Reserves, Fuel Prices May Decline: Hardeep Singh Puri

The Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, predicts that the prices of fuel will come down in the months to follow, despite the recent increase in the prices of diesel and petrol. This is because he thinks that oil prices will not remain at these levels for much longer but will start coming down soon.

In his interview with CNN-News 18, the minister said, “Oil prices are unlikely to remain at current levels for long and are expected to decline in the coming months.” His statements have fueled speculations about the possibility of decreasing oil prices in the coming time. However, Puri also warns against the increasing tensions in the Gulf area.

Meanwhile, Hardeep Singh Puri stated, "India currently has sufficient oil and gas reserves to last for 76 to 80 days." He also stated that the country expects the USA, Canada, and other countries in the Western Hemisphere to help meet any supply shortfalls.

Due to disruptions to shipping routes in the Gulf region, global crude oil prices have risen sharply in recent months, reaching close to 100 US dollars per barrel. It should be noted that India imports a large portion of its crude oil needs from abroad. Therefore, changes in the global crude oil market directly impact domestic petrol and diesel prices in India.