India is currently in discussions with Iran regarding the safe passage of more than 20 oil and gas tankers through the Strait of Hormuz. This narrow waterway serves as a critical channel connecting the Persian Gulf to the Gulf of Oman and has been shut down due to the ongoing conflict in Iran. According to estimates, around one-fifth of the world’s crude oil typically transits through this vital maritime route. The tankers, which are carrying liquefied petroleum gas, liquefied natural gas, and crude oil, have been immobilized in the Strait following recent attacks by the US and Israel on Iranian targets.

Diplomatic Engagements Yield Positive Outcomes

Reports indicate that Iran has provisionally allowed Indian oil tankers to navigate through the strategically significant Strait after discussions between India’s External Affairs Minister S. Jaishankar and his Iranian counterpart Abbas Araghchi. The Ministry of External Affairs in India has acknowledged these communications but has not disclosed detailed information regarding the negotiations. Minister Jaishankar tweeted recently about the conversation, confirming that both parties intend to maintain contact, although specifics about the vessels in question were not addressed.

Government Assurances on Fuel Supply Stability

On Thursday, India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, reassured Parliament that there is no fuel shortage in the country. He remarked on the unprecedented situation facing the global energy landscape, emphasizing that India’s crude supply is stable and that it exceeds the volumes originally expected through the Strait of Hormuz. Prior to the current conflict, approximately 45 percent of India’s crude oil imports were routed through this strait.

Increased Sourcing from Alternative Routes

Puri elaborated that the country’s oil refineries are operating at high capacity, with many exceeding 100 percent efficiency. Additionally, the sourcing of crude oil from nations outside the Hormuz region has seen a significant rise, climbing from 55 percent at the start of the conflict to nearly 70 percent now. He also confirmed that the refining capabilities are fully operational, with no shortages reported for petrol, diesel, kerosene, aviation turbine fuel, or fuel oil. Furthermore, he assured that all retail outlets across India are well-stocked, and supply chains for these essential products are functioning normally.

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