PM Modi held a high-level meeting amid West Asia tension and rising oil prices. Relief came from LPG tankers, while the government hinted at ensuring supply of petrol, gas and fertilizers and reviewing the export policy if needed.
New Delhi. Prime Minister Narendra Modi chaired a high-level review meeting on Sunday. This meeting took place at a time when the global oil market is witnessing immense volatility. Due to the ongoing tension in West Asia, the price of Brent crude first reached $119 per barrel, which later came down to around $109 per barrel.
Government’s priority: supply of petrol, gas and fertilizer
In the meeting, the Prime Minister stressed on maintaining smooth operations of essential sectors. The main focus of the discussion was to ensure the supply of petroleum, crude oil, gas, electricity and fertilizers. The government also stressed on ensuring that there are no disruptions at the ground level and supplies remain uninterrupted across the country.
Review of Logistics and Distribution Networks
Prime Minister Modi also reviewed the logistics and distribution network in detail. He directed that the supply system should remain stable across the country and any kind of interruption should be removed immediately.
Change in fuel prices: Industrial diesel costlier
There has not been much change in the retail prices of petrol and diesel for the common people since the start of the war. However, other fuel categories have seen price increases. Especially the prices of industrial diesel have increased by about 25%, which reflects the pressure of the global market.
Government keeping an eye on the situation, review of export plan possible
Officials said that the government is continuously monitoring the situation and its main objective is to secure the domestic supply. Earlier this week, Sujata Sharma, joint secretary in the petroleum ministry, said India could rethink its fuel export plans if needed. “Domestic consumption is our priority, and the export policy will be reviewed as per the need,” he clarified. India is considered to be one of the largest oil refining centers in the world, hence the exports from here also affect the global market.
LPG tanker arrived from America, relief in supply
During the meeting, information also came to light that an LPG tanker from America has reached the west coast of India. This has provided some relief amid growing concerns regarding energy supply. At present, the government is paying special attention to ensuring energy security, so that there is no shortage of any kind in the country.
West Asia tensions and crisis on the Strait of Hormuz
Tension continues to persist in West Asia and there are no signs of the situation returning to normal. Donald Trump has warned that if Iran does not lift its blockade of the Strait of Hormuz within 48 hours, the US could target Iran’s power infrastructure. Hormuz is a sea route which is considered very important for oil transportation in the world.
Iran-Israel conflict and attacks on nuclear sites
Amidst the tension, Iran has also adopted an aggressive stance. According to reports, Iran targeted a nuclear facility located in central Israel in response to the attack on the Natanz nuclear facility. Additionally, the Houthi rebels have also threatened to join the conflict, threatening the movement of ships in the Red Sea and Suez Canal Zone.