Seeing the conflict in the Middle East, every common man had only one question in his mind – are the prices of petrol and diesel going to skyrocket in India? The government has answered this question and this answer is very relieving. Government sources have made it clear that despite the current global situation, there is not going to be any increase in the prices of petrol and diesel in the country. The situation of India’s energy reserves is continuously improving, due to which there will be no new burden of inflation on the public pockets.
Government’s ‘correct’ strategy on crude oil
Sensing this geopolitical crisis, the Indian government has made a big and important change in its import policy. Earlier we were heavily dependent on the Strait of Hormuz route for crude oil. Now the government has increased the import of oil by 10 percent from other safe options. The direct result of this is that the imports through the external routes of Hormuz, which earlier was 60 percent, has now increased to 70 percent. Due to this strategic step, today we have adequate and comfortable stock of crude oil and refined petroleum products.
How much impact on LPG and LNG?
If we look at the data of the last 12 years, the price of cylinder for the beneficiaries of Ujjwala scheme has increased by Rs 110. This price has increased from Rs 500 per cylinder in 2014 to Rs 610 now. In recent times, there were some concerns regarding the stock of LPG, but now the government is working rapidly on re-prioritisation of production and the situation is completely under control.
Along with this, India is also in a very strong position on the natural gas (LNG) front. Qatar’s ‘Ras Laffan’ production unit is currently closed due to Iranian attacks and Hormuz tensions. But, Qatar has given full assurance to India that it will start supplying gas immediately as soon as the supply route opens. At present, it is a matter of relief that the country already has surplus (excess) stock of LNG and many other countries of the world are also continuously sending proposals to provide LNG to India. High level talks are also going on with the Fertilizer Ministry regarding gas supply, because both the production and import of fertilizers in the country depend on it.
Movement of ships resumed in Hormuz
Apart from this, the movement of cargo ships through the Strait of Hormuz has started once again. This change has come after the statement of Iranian President Mahmoud Pejeshkian, in which he had assured that unless the neighboring countries attack Iran from their soil, Iran will not target them.
Read this also- India’s ‘Plan-B’ amid Iran-Israel war! There will be no shortage of gas