India's Petroleum Ministry assures availability, affordability of energy amid West Asia crisis
New Delhi, March 2
Union Petroleum and Natural Gas Minister Hardeep Puri on Monday 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
Reader Comments
Good to see inter-ministerial coordination. The Commerce Ministry meeting with logistics partners is crucial. Delays in exports can hurt our economy badly. Let's hope for a swift resolution to the tensions.
Assurance is one thing, action is another. We've heard "monitoring" before during crises. I'll believe it when I see stable prices at the pump and no shortage of cylinders. The common man's budget is already stretched thin.
This is so important for households. LPG affordability is not a luxury, it's a necessity. Glad they are reviewing it. My mother was already worried about cylinder prices going up. Hope they can shield us from the worst effects.
The focus on export-import cargo flows is smart business. India's trade can't afford major disruptions. The involvement of RBI and Customs shows they are looking at the financial and clearance angles too. A comprehensive approach.
While the assurance is welcome, we must accelerate our shift to renewable energy. Our dependence on West Asian oil makes us vulnerable every time there's tension. Jai Hind, but also Jai Solar! ☀️
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