New Delhi, March 6: Amid concerns over the impact of the Iran conflict on global energy supplies, India currently holds a substantial stockpile of crude oil, petrol, diesel, and LPG. Additionally, oil companies are increasing imports from countries outside the Gulf region to compensate for any supply shortages.
A senior official stated that India is in a comfortable position regarding energy supply. He noted that the country has energy sources far exceeding those trapped in the Strait of Hormuz. The official assured that there is ample stock of crude oil, petroleum products, and LPG, and that imports from other countries will be ramped up if necessary to address any shortfalls.
The official also mentioned that India has been purchasing crude oil from Russia since 2022. At that time, Russia accounted for only 0.2% of India’s total imports. However, this figure has seen rapid growth.
In February, India sourced approximately 20% of its total crude oil imports from Russia, amounting to about 1.04 million barrels per day.
The government official clarified that reports about the closure of the MRPL refinery are incorrect. He stated that the refinery has sufficient stock and all LPG-producing refineries have been instructed to increase production.
Currently, there is an adequate supply of LPG in the country, ensuring that consumers will not face any shortages. The official added that the government will also utilize petrochemical products to meet domestic demand if necessary, preventing any potential deficits.
In light of rising tensions in the Middle East, the Ministry of Petroleum and Natural Gas (MoPNG) has directed oil refineries to maximize LPG production and prioritize domestic supply.
Refineries have been instructed to prioritize the use of essential gases like propane and butane in LPG production to avoid any shortages of cooking gas for households.
The ongoing conflict in the Middle East has affected global energy supplies and shipping routes, particularly impacting tanker movements through the Strait of Hormuz, a crucial route for oil and gas trade.
This war has also disrupted gas supplies from Qatar, the world’s second-largest LNG exporter. However, the Indian government reassures that the country has sufficient energy reserves and there is no need for alarm regarding energy security.
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My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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