"Two of our oil companies have made nominations to purchase Iranian oil in November," Pradhan said on Monday, the Economic Times reported.
"We do not know if we will get a waiver (from US sanctions) or not."
Later, talking to reporters, he said India has its own energy requirements which it has to fulfill.
"We will be guided by our national interest," he said.
Indian Oil Corp (IOC) Chairman Sanjiv Singh said his company is among the two which have placed an order for November.
"We have ordered for our usual quantity of oil," he said.
IOC and Mangalore Refinery and Petrochemicals Ltd (MRPL) together have placed the order for 1.25 million tons (MT) of crude oil from Iran.
Singh said options for paying for Iranian oil are under discussions.
US sanctions against Iran will kick in from November 4, which will block payment routes.