NewKerala.com

India Holds 25 Days of Oil Stocks, Scouting Alternatives Amid West Asia Tensions

Government sources state India maintains about 25 days of crude and refined oil stocks amidst West Asia turmoil. The Petroleum Ministry, after a review by Minister Hardeep Puri, confirms continuous monitoring to ensure the availability and affordability of petroleum products. Concurrently, the Commerce Department held a stakeholder meeting to assess the geopolitical situation's impact on India's export-import cargo flows and logistics. The discussions focused on maintaining predictable cargo movement and minimizing delays for exporters and importers.

Key Points: India's 25-Day Oil Stockpile Amid West Asia Crisis

  • 25-day oil stockpile secured
  • No immediate fuel price hike
  • Seeking alternative crude sources
  • Monitoring supply chain impacts
2 min read

India has 25 days of crude oil and refined oil stocks: Govt sources

India has 25 days of crude and refined oil stocks, says govt. No immediate fuel price hike planned as it seeks alternative sources.

"We are continuously monitoring the evolving situation - Ministry of Petroleum and Natural Gas"

New Delhi, March 3

Amid turmoil in West Asia, government sources on Tuesday said that India has about 25 days of crude oil and refined oil stocks, and it is scouting for alternative sources for importing crude oil, LPG and LNG.

As per the sources, there are no immediate plans to raise the prices of petrol or diesel in the country amid tensions in West Asia.

Earlier on Monday, Union Petroleum and Natural Gas Minister Hardeep Puri reviewed the supply situation for crude oil, LPG, and other petroleum products with senior officials from the Ministry and PSUs, amid tensions in West Asia.

The Petroleum Ministry has said it is continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure the availability and affordability of major petroleum products in the country.

India is a major importer of crude oil and natural gas from West Asian countries.

"We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country," the Ministry of Petroleum and Natural Gas said in a post on X.

Moreover, the Department of Commerce, Ministry of Commerce and Industry, held a stakeholder consultation with all stakeholder ministries, key logistics and trade facilitation partners to review the emerging geo-political situation in West Asia and its potential impact on India's export-import cargo flows, including the export ecosystem.According to the Ministry of Commerce and Industry, the meeting was chaired by Special Secretary, Department of Commerce, Suchindra Misra and Lav Agarwal, Director General of Foreign Trade (DGFT).

The meeting was attended by representatives from logistics operators and shipping lines/forwarders, Central Board of Indirect Taxes and Customs, Department of Financial Services, Ministry of Petroleum and Natural Gas, Ministry of Ports, Shipping and Waterways, the Reserve Bank of India, export promotion ecosystem and other concerned agencies.

Stakeholders presented an assessment of the evolving operational environment, including routing and transit-time changes, vessel scheduling adjustments, container/equipment availability, freight and insurance cost trends, and implications for time-sensitive exports.

"The discussions covered the need to maintain predictability in cargo movement, minimise avoidable delays, and ensure seamless documentation and payment processes for exporters and importers," the Commerce Ministry said in a statement.

- ANI

Share this article:

Reader Comments

R
Rohit P
No immediate price hike is the best news for the common man! Petrol and diesel prices directly affect everything from vegetables to bus fares. Hope the government can secure alternative sources quickly and keep inflation in check. 🙏
A
Aman W
While the monitoring is appreciated, 25 days is not a huge buffer if tensions escalate. We've been talking about diversifying oil sources for years. Time for some decisive action and long-term contracts with other nations. The middle class cannot bear another price shock.
S
Sarah B
The stakeholder meeting involving RBI, shipping lines, and exporters is a smart, whole-of-government approach. It's not just about oil, but our entire trade ecosystem. Ensuring smooth documentation and payments is crucial for business confidence.
K
Karthik V
Hope the "alternative sources" don't mean we end up paying a premium. The focus should be on affordability as promised. Also, what about the strategic petroleum reserves? Are they being topped up? Transparency would help ease public anxiety.
N
Nisha Z
This is why we need more electric vehicles and solar power on a war footing! Every geopolitical crisis hits our pocket. Good step by the ministry, but the real solution is energy independence. Let's invest in our own resources.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50