India Rejects G7 Oil Reserve Release, Prioritizes "India First" Strategy

The sources said that India is unlikely to contribute from its strategic petroleum reserves in the G7 effort, "as our strategy is 'India First'".

International crude prices have surged amid the ongoing conflict in West Asia.

The Government had informed Parliament in March last year that it has, through a Special Purpose Vehicle called Indian Strategic Petroleum Reserve Limited (ISPRL), established Strategic Petroleum Reserves (SPR) facilities with total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil at three locations namely - Vishakhapatnam (1.33 MMT), Mangaluru (1.5 MMT) and Padur (2.5 MMT) capacity.

Government sources also said on Monday that petrol and diesel prices in India are unlikely to increase, unless and until crude oil prices breach USD 130 per barrel, government sources said on Monday.

The fuel prices are unlikely to increase as India has enough stock, the sources said.

"We expect crude oil prices to be around USD 100 per barrel," a source said.

"No problem of shortage of petrol and diesel at any pump in the country."

The sources also said that sourcing crude from routes other than the Strait of Hormuz has been accelerated.

The sources also noted that India has enough stock of Aviation Turbine Fuel (ATF). "India is a producer and exporter of ATF, no need to panic about ATF," the source said.

India, the sources said, is better placed than other countries.

In order to stop hoarding and black marketing, the booking period for LPG gas has been increased from 21 to 25 days, the sources said.

"There were instances that people who were earlier booking LPG cylinders in 55 Days have started booking cylinders in 15 days," a source said.

The government has ordered refineries to boost LPG output and also ordered to prioritise domestic LPG over commercial connections.

"Domestic consumers will always be a priority," the source reaffirmed, as India scouts for more LPG partners.

Countries like Algeria, Australia, Canada, Norway have been approached to sell LPG to India, they added.

External Affairs Minister S Jaishankar told Parliament on Monday that recent developments in West Asia that are a cause of deep concern.

He said this round of conflict started on February 28 and it has witnessed not only fighting between Israel and the United States on one side and Iran on the other, but also attacks on a number of Gulf States. There have been numerous casualties, including at the leadership level in Iran, as well as destruction of infrastructure in the region.

He said India is in favour of peace and urges a return to dialogue and diplomacy.

"We advocate de-escalation, restraint and ensuring the safety of civilians. The well-being and security of the Indian community in the region is our overriding priority. We will continue to work with the Governments of the region towards that end. Our national interest, including energy security and trade flows, will always be paramount," the minister said.

- ANI