The Government on Tuesday, 3 March, said India is fully prepared to handle any short-term disruptions in energy supplies arising from the evolving situation in the West Asia, asserting that crude oil and petroleum product inventories remain robust.
Briefing the media following the outbreak of hostilities in the region, Minister of Petroleum and Natural Gas Hardeep Singh Puri said India’s energy ecosystem is resilient and adequately stocked.
“It was informed that India is the third largest importer, fourth largest refiner, and fifth largest exporter of petroleum products globally. The country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East,” the Petroleum Ministry said in a statement on the briefing.
Highlighting structural reforms undertaken over the past few years, it was further apprised that in the last few years, India has ensured both availability and affordability of energy for its population by diversifying its sources.
“Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz. Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz,” the ministry said.
The Ministry of Petroleum and Natural Gas has also established a 24×7 Control Room to continuously monitor the supply and stock position of petroleum products across the country.
“At present, the Government is reasonably comfortable in terms of stocks,” the ministry said.
According to the ministry, safeguarding the interests of Indian consumers remains the highest priority.
“Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation,” the ministry added.
