Fuel prices expected to drop in the coming months, Indian oil minister says

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.