New Delhi: Iran's warning to stop oil supply to India is giving sleepless nights to the government. Iran, on Monday, issued an unofficial warning to halt oil export to India if latter did not clear its payment by next month.

If Iran stops the oil supply, it will increase the woes of consumers as well as the domestic oil companies. The government will be forced to hike petro-products.

In order to evaluate a new strategy to make payments, a high-level meeting between Finance Ministry, Petroleum Ministry and Reserve Bank of India will be held this week and a delegation is expected to leave for Iran soon.

India imports 15 percent (2.3 crore tonne) of crude oil from Iran meet its demand.

India owes nearly USD 5 billion to Iran and after a direction from the RBI it has become difficult for Indian oil companies to clear payments to Iran.