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– Union Minister Puri said- oil reserves are enough for several weeks in the country

New Delhi . American attacks on Iran’s nuclear sites have further increased the possibility of stopping supply from the world’s largest oil producing sector. In the preparation for such situations, Indian policy makers and industry leaders have admitted that the risk of all fuels is not the same. LPG is the most vulnerable as tension in West Asia increases. Although LPG can also be sourced from alternative sources such as America, Europe, Malaysia or parts of Africa, it will take longer to reach India from these countries. At the same time, piped natural gas (PNG) has reached only 1.5 crore Indian homes. Therefore, this is not a practical option for 33 crore LPG connections in the country. On the other hand, the Union Minister has said that India has sufficient oil reserves for several weeks.

In the last decade, due to the efforts of the government, the use of LPG in India has doubled to 33 crore homes. This has increased the country’s dependence on imports. About 66 percent of the total LPG comes from abroad and about 95 percent of it comes from West Asian countries such as Saudi Arabia, United Arab Emirates (UAE) and Qatar. According to data from the Ministry of Petroleum and Natural Gas, India has the capacity to deposit LPG in import terminals, refineries and bottling plants, it is sufficient for only about 16 days of national average. The country’s situation is far better in terms of petrol and diesel. India is a pure exporting country of both of them. It exports about 40 percent of its domestic petrol consumption and about 30 percent of diesel consumption. These export quantities can be easily diverted towards the domestic market if needed. After the supply of kerosene (kerosene) from the public distribution system in most places, the only practical option is to cook with electricity if there is a shortage of LPG in cities.

In the case of crude oil, refineries, pipelines, ships and the national strategic petroleum stock (SPR) can run the operation of the refineries for about 25 days.

The refineries are avoiding hoarding or more shopping even amidst Israeli-Iran tension. They believe that the supply chain is less likely to stop. An anonymous officer said, if we also give orders, the goods will reach or only after next month. In addition, we have limited capacity to deposit additional oil. When the risk of obstruction is low, it is not prudent to tie the working capital.

India has enough oil reserves: Puri

Union Petroleum Minister Hardeep Singh Puri has said in a statement that India still has sufficient energy supply in terms of requirements for several weeks and the fourth largest gas buyer India still has sufficient energy supply and the country is getting supply from many other routes. Posting on social media, the Union Minister said that ‘the government has been closely monitoring the changing geopolitical situation in West Asia for the last two weeks. Along with this, he said that under the leadership of Prime Minister Narendra Modi, we have diversified our supply in the last few years and now a large part of our supply comes through Hormuz Strait.
Let us tell you here that the Hormuz is considered an important transit route for the oil coming from the Strait West Asia, which Iran has moved towards closing its nuclear installations after the US attacks.