The minister's comments come before the U.S. sanctions on Iran kick in from November 4.
India is the world's third-largest oil importer, and Iran's second-biggest oil customer after China.
Last week, India reduced gasoline and diesel prices to give relief to consumers against rising global crude prices caused by uncertainty over USA sanctions on Iran and OPEC's decision to raise output. Since the start of September, prices had spiked by over 10 per cent reaching a four-year high despite the fact that at the Algiers meeting last month OPEC had declared that the market was comfortably supplied. An industry source also said October shipments were so far below 1 million bpd.
White House National Security Advisor John Bolton said only last week that the administration wanted to avoid all waivers and see Iranian oil and gas exports entirely staunched, but that it might not be able to achieve that aim. Even in the case of Iran there is an expectation that its oil exports may fall less sharply than feared, while Libya's oil production has stated to rise.
U.S. West Texas Intermediate and worldwide benchmark Brent crude oil futures are trading higher early Tuesday, continuing to recover from Monday's early session setback.
On Monday, petrol and diesel were selling at Rs 82.03 per litre and Rs 73.82 per litre, respectively, in New Delhi.
In the run-up to 2019 general elections, Fitch Ratings recently raised the spectre of return of state control on fuel pricing in India. However, he added that state-run oil companies must look beyond their profits to easing the burden on consumers.
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