New Delhi: India has adequate stocks of petroleum and natural gas for the next 50 days despite the ongoing conflict in West Asia, government sources said. Officials said there is no immediate cause for concern regarding fuel availability in the country. According to sources, the petroleum ministry has remained in contact with major crude oil suppliers around the world, including Russia.
“India has petroleum and gas supplies for the next 50 days, no problem,” sources said.
They added that both government owned and private companies that supply crude oil remain in communication with Indian authorities.
Govt in touch with global oil suppliers
Sources said the petroleum ministry has kept regular contact with major international crude oil producers to ensure continuity in supply. Officials said imports may decline slightly due to the situation in the Strait of Hormuz. However they said shipments will not stop.
The Strait of Hormuz remains one of the most important energy routes in the world. A large share of global oil and liquefied natural gas shipments passes through the narrow waterway.
Despite the situation, officials said Indian authorities do not expect serious disruptions.
Limited dependence on Strait of Hormuz
Government sources said only about 40 per cent of India’s crude oil supply comes through the Strait of Hormuz. The remaining 60 per cent arrives from other countries and through alternative routes. Because of this diversification, India is unlikely to face a major supply problem even if tensions continue in the region.
Sources also said any minor reduction in natural gas supply because of the Hormuz situation will not affect ordinary consumers. They added that domestic fuel prices will not necessarily increase even if international crude prices rise.
“Crude oil prices will not rise in India, even if global prices increase,” sources said.
Daily review meetings on fuel situation
Officials said the government is closely monitoring the energy situation as the US-Iran conflict continues. Sources said authorities are reviewing petroleum and natural gas supply conditions twice every day. The meetings involve the petroleum minister and senior officials from public sector oil companies.
Sources also said fertiliser supplies will remain stable despite the tensions in West Asia. They said Indian farmers will not face shortages of fertilisers. Government sources added that Prime Minister Narendra Modi is in direct contact with the leadership of Qatar and Oman regarding developments in the region.
India is also coordinating with the International Energy Agency and authorities in the United States. According to sources, the United States has offered insurance cover through IDFC for cargo companies transporting crude oil. The move aims to ensure that shipments continue without interruption. Officials said the government remains in a comfortable position regarding crude oil and natural gas supplies.