Oil India strikes natural gas in Andaman offshore block, Hardeep Singh Puri reacts
Oil India said that the drilling work was carried out at a depth of more than 1,900 metres in the Eocene formation.
Oil India said that the drilling work was carried out at a depth of more than 1,900 metres in the Eocene formation.
Sanjay Malhotra said the rising energy prices due to the ongoing Iran war were testing India's flexible inflation targeting. This necessitates potential policy intervention by the central bank.
Union Petroleum Minister Hardeep Singh Puri said India has enough crude and LPG in its stock.
The Minister categorically stated that retail fuel prices in India have remained unchanged over the last four years despite mounting geopolitical pressures and global market volatility.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has stated that Gujarat has emerged as India’s ‘Energy Capital’ and the country’s ‘Natural Gas Gateway.’
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri on Friday said that the government has chosen to absorb the financial impact rather than pass on the full burden of rising fuel costs to consumers.
Government cuts fuel duty and reassures steady supply as global oil prices spike, while firmly rejecting speculation about lockdown and urging people to avoid panic.
Any disruption or closure of the Strait of Hormuz would directly affect India’s economy and energy supplies, he said, adding that the anxiety over LPG availability was already spreading and could worsen if the conflict escalates.
US Treasury Secretary Scott Bessent said the measure was designed as a short-term step to ensure the continued flow of oil into global markets without providing substantial financial gains to Moscow.
Following the outbreak of hostilities in the Middle East and the evolving global energy situation, Puri briefed the media on the country’s preparedness in the current circumstances.
