The Ministry of Petroleum and Natural Gas (MoPNG) on Monday, March 2, said Petroleum Minister Hardeep Singh Puri reviewed the supply situation of crude oil, LPG and other petroleum products with senior ministry officials and oil public sector undertakings (PSUs), amid escalating geopolitical tensions in the Middle East.
In a post on X, the ministry said it is “continuously monitoring the evolving situation” and assured that all necessary steps will be taken to ensure the availability and affordability of major petroleum products across the country. The review comes against the backdrop of rising global oil prices and concerns over supply disruptions.
In view of ongoing geopolitical developments in the Middle East, the Minister of Petroleum & Natural Gas reviewed the supply situation for crude oil, LPG, and other petroleum products with senior officials from the Ministry and PSUs.
We are continuously monitoring the evolving… pic.twitter.com/N4tZHktXSM— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin) March 2, 2026
Brent crude climbed to around $82 per barrel following heightened tensions in the region. Nearly 20% of global oil flows pass through the Strait of Hormuz, a critical chokepoint for supplies to Asia, including India, raising fears of potential supply bottlenecks.
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Global oil prices had surged sharply after weekend attacks by the US and Israel on Iran escalated into a broader regional crisis, with Iran retaliating through missile and drone strikes across several Gulf countries, including major hubs such as Dubai and Abu Dhabi, as well as Qatar, Bahrain, Saudi Arabia and Oman. However, prices have since cooled from their opening highs.
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