India has secured an Iranian oil shipment for the first time since 2019, which it says will help meet its energy requirements in the months to come amid global disruption.
New Delhi has been unable to acquire crude from Tehran for seven years, due to international sanctions and pressure from the US not to buy the commodity from the Islamic Republic.
The war pitting the US and Israel against Iran has disrupted global oil supply, with Tehran effectively closing the Strait of Hormuz, forcing Washington last month to temporarily lift the embargo on Iranian oil and refined products to ease the energy crisis.
India, like other energy-importing countries, especially those in Asia, has been hit hard by the crunch.
“Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran,” India’s Ministry of Petroleum and Natural Gas said in a post on X.
“India imports crude oil from 40-plus countries, with companies having full flexibility to source oil from different sources and geographies based on commercial considerations.”
The government also clarified that India did not face any issues paying for the Iranian crude imports, “contrary to the rumours being circulated”.
“It is reiterated that India’s crude oil requirements remain fully secured for the coming months,” the ministry added.
India has been forced to implement measures to contain the consequences of the energy crisis. The Essential Commodities Act has been invoked to conduct thousands of raids against hoarding and parallel markets, leading to seizures of thousands of cylinders.
The Petroleum Ministry said recently it has conducted more than 12,000 raids and seized more than 15,000 LPG cylinders in a crackdown on hoarding and selling on parallel markets.
Delays in supply have created opportunities for profiteering from domestic cylinders. Residents in some Indian localities say a domestic LPG refill cylinder, which normally costs about Rs900 ($9.57) to Rs1,000, is being offered illegally for Rs1,800 to Rs2,500.
The ministry has also urged consumers to avoid panic buying, use digital booking platforms and avoid visiting LPG distributors as home deliveries continue.
Indians are also being encouraged to use alternative fuels such as piped natural gas, and electric or induction cooktops and to conserve energy.