Hardeep Puri said India imported 80 per cent of oil and 50 per cent of natural gas, adding that even a 5-billion-barrel discovery would be a game-changer.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri on Monday reviewed India's petroleum supply situation with top officials of the Ministry of Petroleum and Natural Gas and executives from state-run oil companies.

Israel conflict. However, state-run companies such as HPCL, BPCL and IOC are expected to absorb the hike, shielding consumers from higher petrol and diesel prices. Consequently, inflation may not pick up either.

State-owned ONGC and Oil India carrying out deepwater exploration campaigns in Andaman basin, but no commercial discoveries have yet been reported

This spike came after Israel struck Iran’s nuclear and missile sites, raising fears of further retaliation and supply disruptions. “The Strait of Hormuz is a chokepoint for nearly 20% of global oil flows, and any threat to its safety adds a geopolitical risk premium,” she added.

Freight rates for Russian crude from Baltic ports to India fall amid tanker surplus, but EU’s proposed lower price cap could reverse the trend

A surge in oil prices after Israel’s strikes on Iran sent the Indian rupee tumbling on Friday, prompting the central bank to step in and limit further losses, traders said.

India is likely to import more crude oil in the second half of 2025 as refining capacity is set to increase, according to Vortexa.