India expects prices of both oil and gas to drop in the coming months, with enough stocks available despite the US-Israeli war with Iran that has squeezed energy supplies, Oil Minister Hardeep Singh Puri told broadcaster CNN-News18, Reuters reports.
Oil prices cannot remain at their current height for “a very long time” and are expected to fall in the months ahead, Puri said.
The situation, however, may become “worrying” if the Gulf crisis expands to other theatres, he said, adding that New Delhi has oil and gas reserves to last 76-80 days.
Indian state retailers have raised fuel prices four times since mid-May to offset the impact of supply disruptions caused by the war, after holding off earlier amid state elections.
Petrol price is now about 7.8pc higher, while diesel is up 8.6pc.
