Indian Prime Minister Narendra Modi called Iranian President Masoud Pezeshkian within hours of Tehran’s new supreme leader vowing to keep the Strait of Hormuz closed, as New Delhi scrambles to mitigate energy supply risks.
That was Modi’s first call to Iran since the war broke out, as the world’s third-largest importer of oil and second-largest consumer of liquefied petroleum gas grapples with rising energy costs and panic-buying amid tightening supplies due to the closure of the critical waterway.
India has relied on supplies from the Strait of Hormuz to meet about 50% of its crude oil needs, as per Citi, while importing most of its LPG — the primary cooking fuel used by commercial establishments as well as households — through this route.
“The safety and security of Indian nationals, along with the need for unhindered transit of goods and energy, remain India’s top priorities,” Modi said in a post on X, sharing details of his conversation with the Iranian leader.
While petrol pumps have “adequate stocks,” there is panic-buying of LPG, which is leading to supply constraints, government officials said in a press conference on Thursday.
