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The Petroleum Minister reviewed oil and LPG supply amid West Asia tensions, assuring the nation of product availability with officials monitoring the situation.
Image from the meeting
Amid the ongoing tensions in West Asia, the Minister of Petroleum and Natural Gas held a review meeting on Monday. The meeting held to assess the supply situation of crude oil, LPG, and other petroleum products witnessed the presence of senior officials from the ministry and public sector undertakings, according to an official statement.
The government said it is closely monitoring the evolving situation and will take all necessary steps to ensure the availability and affordability of key petroleum products across the country.
“We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country,” it said.
Global oil prices rose sharply on Monday following US and Israeli strikes on Iran and Tehran’s retaliatory actions, which have unsettled the international energy supply chain. The sudden surge in crude prices is being seen as a major concern for the Indian economy and for domestic oil marketing companies (OMCs), as the country depends heavily on imported energy.
In early trading, West Texas Intermediate (WTI) crude was priced at about $72.79 per barrel. This represents an increase of around 8.6 per cent from Friday’s level of roughly $67 per barrel.
Brent crude, which serves as the global benchmark, also recorded a strong rise. It was trading at $79.41 per barrel on Monday morning, nearly 9 per cent higher than its previous close of $72.87 on Friday.
The impact of the geopolitical tensions was also visible in the Indian commodities market. On the Multi-Commodity Exchange of India (MCX), crude oil prices jumped by more than 10 per cent.
The MCX crude oil contract for March delivery rose by Rs 624, or 10.24 per cent, reaching Rs 6,716 per barrel as trading continued amid concerns over supply disruptions linked to the Middle East conflict.
March 02, 2026, 19:56 IST
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