India Has Adequate Oil and LPG Stocks Despite Middle East Disruptions: IANS
IANS
India remains in a comfortable position regarding crude oil and fuel supplies despite disruptions caused by the ongoing Middle East conflict, according to IANS reports citing senior government officials.
Officials said the country currently has sufficient stocks of crude oil as well as petroleum products such as petrol, diesel, and Liquefied Petroleum Gas. Oil companies have also begun sourcing additional supplies from countries outside the Gulf region to offset disruptions linked to the crisis around the Strait of Hormuz.
“Today, we have more energy sources than what is stuck in the Strait of Hormuz. In terms of crude oil, petroleum products, and LPG, we are in a comfortable position,” a senior official told IANS.
Officials noted that India has diversified its crude oil supply sources in recent years. Imports from Russia have increased significantly since 2022.
In 2022, Russia accounted for just 0.2 percent of India’s total crude oil imports. By February this year, the share had increased to 20 percent, with India importing around 1.04 million barrels per day from Russia.
The official also clarified that reports about a shutdown at the Mangalore Refinery and Petrochemicals Limited were incorrect, stating that the refinery remains well stocked.
Government Steps to Boost LPG Supply
The government has directed refiners to increase production of LPG to ensure uninterrupted supply to households. According to an order issued by the Ministry of Petroleum and Natural Gas, refiners must prioritise the use of gases such as propane and butane for LPG production.
Officials also said petrochemical reserves may be diverted for domestic consumption if necessary.
The directive comes amid rising concerns about global energy supply disruptions as the Middle East conflict affects shipping routes and tanker traffic through the Strait of Hormuz.
Our Final Thoughts
India’s diversified energy sourcing and large fuel reserves appear to be cushioning the country from immediate supply shocks. However, continued geopolitical instability in key energy corridors will require careful management of imports and domestic fuel production.