A major update on the oil crisis, the government said – no worries, there is enough stock in the country
Amid tensions in West Asia and fears of supply disruptions through the Strait of Hormuz, India currently has adequate stocks of crude oil, oil products, and LPG. According to government sources, Indian refineries have adequate reserves, and the government is closely monitoring the situation.
India currently has adequate crude oil and fuel stocks and is in a comfortable position despite supply concerns related to the Strait of Hormuz. The government is prepared to take further steps to ensure uninterrupted fuel supplies,
if necessary. According to government sources, Indian refineries currently have good crude oil reserves, and the government is closely monitoring the situation.
The government says that if supplies are disrupted in the Gulf region, India is prepared to increase oil supplies from other regions.
India is preparing to increase supplies from other parts of the world to compensate for the shortfall in the Strait of Hormuz. The government has also indicated that further steps will be taken to maintain fuel availability in the country if necessary.
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Furthermore, Indian refineries are currently purchasing only Russian crude oil that is not subject to any restrictions. India's oil imports from Russia have increased significantly since 2022, whereas before that it was very low.
The source said, in 2022, it was only 0.2 percent of the total oil imports from Russia. In February, about 20 percent of the total crude oil imports came from Russia. In February, India imported about 10.4 lakh barrels of oil from Russia every day.
Govt Sources: Today, we have more energy sources than what is stuck in the Straits of Hormuz. We are in a comfortable position in Crude oil, Oil products and LPG. In terms of our current stock, we are in a comfortable position. We are going to ramp up our supplies from other pic.twitter.com/plzLEDvl25
The news of MRPL's closure is false.
According to a government source, a state-owned energy company recently purchased a cargo of LNG (liquefied natural gas) from the spot market. This indicates that purchases are ongoing to ensure additional supply.
Furthermore, the government dismissed reports of the Mangalore Refinery and Petrochemicals Limited (MRPL) being shut down. The refinery is operating normally and has sufficient stocks.
LPG supply is being strengthened
Additionally, the government has directed all LPG refineries to increase production to ensure adequate gas availability in the country. The government says petrochemicals will also be used to meet domestic demand.
India is also expanding its sources of LPG imports. Earlier this year, the first shipment of LPG arrived in India from the United States, as Indian state-owned oil companies signed a supply agreement.