The Indian government shared important information on Friday regarding the ongoing tension in the Strait of Hormuz. According to government sources, there is no need to worry about the supply of crude oil, petrol, diesel and LPG in the country. India is currently in a ‘better position’ and is fully prepared to deal with any kind of disruption. The government has assured the general public regarding energy security.
How much oil and gas reserves does India have?
According to the latest government data, India has total stock available for about 8 weeks i.e. 56 to 60 days. This includes stocks in refineries and transit. Even if for some reason the supply stops completely, the strategic reserve and commercial inventory together can meet the country’s needs for 40 to 45 days.
Crude Oil: 25 days stock available.
Petrol and Diesel: 25 days’ stock at the refinery or en route.
LPG Supply: Sufficient quantity is available to meet domestic demand.
What did the government say on prices and supply?
The Oil Ministry (MoPNG) is monitoring the situation twice a day through a control room. Officials said there is no plan yet to increase the prices of petrol or diesel, even though Brent crude has crossed $80 per barrel in the global market. Apart from this, there is no plan to rationing petrol and diesel, so there is no need for the general public to panic. Irrespective of rumours, Mangalore Refinery (MRPL) is also fully functional.
Where is oil coming from in India?
India has changed its supply routes for its security. About 60% of the country’s crude now comes via routes that do not pass through the Strait of Hormuz. About 20% of the oil came from Russia in February. At the same time, a one-year contract has been signed for the supply of LPG from America, the delivery of which has started from January. The government has directed companies like Indian Oil and BPCL to give priority to domestic supply so that more than 33 crore consumers do not face shortage of gas.
