New Delhi, March 13: Prime Minister Narendra Modi stated on Thursday that the government is taking every possible measure to ensure India’s energy security amidst disruptions in oil and gas supplies due to the Iran conflict.
Modi emphasized that his administration has worked diligently to make India self-reliant in the energy sector, resulting in significant savings for the country. He noted that before 2014, India had minimal storage capacity for strategic petroleum reserves. Now, the country has substantial reserves.
He highlighted the establishment of a strategic petroleum reserve facility with a total capacity of 5.33 million metric tons (MMT), which serves as a buffer against short-term supply shocks caused by geopolitical conflicts. This facility aims to meet approximately 9.5 days of crude oil requirements.
Additionally, oil marketing companies (OMCs) in the country have storage facilities for crude oil and petroleum products that can last for 64.5 days. Therefore, the total national capacity for storing crude oil and petroleum products currently stands at 74 days.
PM Modi also assured that the government is committed to ensuring that Indian citizens do not face any issues due to wars occurring in various parts of the world. Meanwhile, the Ministry of Petroleum and Natural Gas announced on Thursday that all necessary steps are being taken to ensure uninterrupted energy supply, with 5 million LPG cylinders being distributed daily. Consumers are advised to avoid panic booking of cooking gas.
This marks the 13th day of the conflict, and for the first time in recorded history, the Strait of Hormuz has effectively been closed to commercial shipping. However, the ministry’s statement indicated that India is sourcing crude oil from over 40 countries, with 70% of crude oil suppliers now coming from routes other than the Strait of Hormuz.
India’s daily oil consumption stands at 5.5 million barrels, often exceeding 100%. This significant refining capacity places the country in a more comfortable position regarding the availability of petroleum products during the ongoing crisis.
According to the government, there are over 100,000 retail outlets supplying petroleum products, all of which have ample stock.
My name is Narendra Jijhontiya. I am an experienced content writer with several 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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