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PM Modi Assures India's Energy Security Amid Iran War Disruptions

Prime Minister Narendra Modi stated the government is taking all steps to protect India's energy security amidst supply disruptions caused by the Iran war. He highlighted the establishment of strategic petroleum reserves and a total national storage capacity of 74 days for crude and products. The Petroleum Ministry detailed that 70% of India's crude now comes via routes avoiding the closed Strait of Hormuz, with refineries operating at high capacity. The government assures adequate stocks at over 100,000 retail outlets and urges consumers to avoid panic booking of LPG cylinders.

Key Points: India's Energy Security Amid Iran War: PM Modi's Assurance

  • 74-day national fuel storage buffer
  • Strategic Petroleum Reserves for 9.5 days
  • Sourcing crude from 40+ countries
  • Refineries operating above 100% capacity
  • Government advises against LPG panic booking
2 min read

Govt taking all steps to safeguard India's energy security: PM Modi

PM Modi details India's 74-day fuel buffer and strategic reserves, ensuring energy security despite global supply disruptions from the Iran war.

"doing everything possible to safeguard India's energy security - PM Narendra Modi"

New Delhi, March 12

Prime Minister Narendra Modi said on Thursday that the government is "doing everything possible" to safeguard India's energy security amid the disruptions in oil and gas supplies caused by the Iran war.

Addressing a media event here, PM Modi said that his government has worked in a holistic manner to make India "self-reliant" in the energy sector, which has resulted in huge savings for the country.

"Before 2014, India had negligible storage capacity for strategic petroleum reserves. Now, we have significant reserves," he remarked, referring to the government having established Strategic Petroleum Reserve facilities with a total capacity of 5.33 million metric tonnes (MMT), which can act as a buffer for short-term supply shocks such as geopolitical conflicts. This is meant to provide for about 9.5 days of crude oil requirement.

In addition, Oil Marketing Companies (OMCs) in the country have storage facilities for crude oil and petroleum products for 64.5 days. Hence, the current total national capacity for storage of crude oil and petroleum products is 74 days.

PM Modi also said that the government was determined to ensure that the citizens of India do not face any problems due to wars in different parts of the world.

Meanwhile, the Ministry of Petroleum and Natural Gas said on Thursday that all steps are being taken by the government to ensure uninterrupted energy supplies, with 50 lakh LPG cylinders being delivered every day, so consumers should avoid "panic booking" of cooking gas.

It is the 13th day of war, and for the first time in recorded history, the Strait of Hormuz has been effectively closed to commercial shipping.

However, for India, crude is being sourced from more than 40 countries, and 70 per cent of the crude suppliers are now coming from routes other than the Strait of Hormuz, the ministry statement said.

India's daily oil consumption is 5.5 million barrels, and it is the fourth largest refiner in the world with 22 refineries in the country. Further, refineries are operating at high-capacity utilisation; in several cases, they are exceeding 100 per cent. This large refining capacity is allowing the country a much more comfortable position in terms of the availability of petroleum products during the current war crisis.

There are over 1 lakh retail outlets providing petroleum products, all of which have adequate stocks, as per the government.

- IANS

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Reader Comments

P
Priya S
Good to know the government is planning ahead. But I hope these measures translate to stable prices at the pump. Petrol and diesel costs are still a major burden for middle-class families like mine. The focus should be on affordability too.
R
Rohit P
Diversifying supply to 40+ countries is the smartest move. Relying on a single route like the Strait of Hormuz was always risky. Geopolitics is unpredictable. Atmanirbharta in energy is a long-term game, and we seem to be on the right track.
S
Sarah B
The request to avoid "panic booking" for LPG is important. My housing society group has been flooded with forwards causing unnecessary worry. We need to trust the system and not hoard, it creates problems for everyone.
V
Vikram M
While the storage numbers are impressive, 9.5 days from strategic reserves seems low for a country of our size and consumption, especially if a major conflict drags on. Hope the government is working on expanding this capacity further on a war footing.
K
Kavya N
The real success is in the refining capacity. Being the 4th largest refiner and operating above 100% capacity! That's some serious industrial efficiency. This is what gives me confidence that we can manage through global crises. Well done to the teams on the ground.

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