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 said. 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.
