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 â 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 â elections.

* Petrol price is now about â 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 â 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 â diplomacy to
end the war that has disrupted trade and â 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