BackECONOMY
Govt absorbed global oil shock, didn’t pass it on to consumers: Hardeep Puri
On May 1, 2026, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India maintained stable energy supplies and shielded consumers from global oil price shocks despite a prolonged disruption caused by the Strait of Hormuz closure. He credited long-term planning and timely policy interventions by the Modi government for the resilience during about 60 days of supply disruption.
Why It Matters
The statement highlights government measures aimed at insulating Indian consumers from volatile global energy markets, reflecting energy-security policy in action.
Timeline
1 Event
Puri asserts India shielded consumers from global oil price shocks
May 1, 2026
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has maintained stable energy supplies and shielded consumers from global price shocks despite a prolonged disruption caused by the closure of the Strait of Hormuz amid the West Asia crisis. He added that the country remained resilient after about 60 days of supply disruption, attributing stability to long-term planning and timely policy interventions by the Narendra Modi government.