Union Minister for Petroleum and Natural Gas Hardeep Singh Puri during the launch of E85 fuel (a blend of 85% ethanol and 15% petrol) on World Environment Day at an Indian Oil fuel station on Pusa Road, in New Delhi on Friday. | Photo Credit: ANI

India expects prices of ​both oil and gas to drop in the coming ‌months, with enough stocks available despite the U.S.-Israeli ​war with Iran that has squeezed energy ⁠supplies, Oil Minister Hardeep Singh Puri told broadcaster CNN-News18 on Monday.

Here are some details.

* 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 ⁠7.8% higher while diesel is up 8.6%.

* 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.

* Global oil prices have surged 40% to trade near $100 a barrel since the ⁠war restricted shipments through the Strait of Hormuz, which served as a passage for roughly one-fifth of ‌the world's oil and gas supplies before the conflict.

* India sourced more than 40% of its crude imports and about 90% of its liquefied petroleum gas imports, used for cooking, through the conduit before fighting erupted in February.

* Puri also said ‌he expected suppliers from the Western Hemisphere, including the U.S. ​and Canada, to make up for shortages.

* India has repeatedly called for dialogue and ⁠diplomacy to end the war that has disrupted trade and ⁠travel, and killed thousands of people.

* On Monday, the Indian foreign ministry expressed "utmost concern" over ‌renewed hostilities and called on all parties to immediately de-escalate tensions and conclude ongoing negotiations for a ​diplomatic solution.

Published on June 8, 2026