Qatar Guarantees LNG for India as Hormuz Route Awaits Opening

This is complemented by a global interest in supplying the Indian market, as officials said that "We have surplus stock of LNG" and "We have got offer of LNG from a large number of countries."

The supply route from Qatar is effectively paralysed because the Strait of Hormuz--the narrow but vital shipping corridor that connects the Persian Gulf to the open sea--has been severely impacted by the ongoing conflict between Iran, the United States, and Israel.

Government sources also gave a positive update on the cargo movements, saying that the "cargo movement near the Strait of Hormuz may start soon."

"This comes after Iran pledges not to target neighbours unless attacked from their territory," the sources added.

Addressing concerns over supply chain vulnerabilities, the government has successfully reduced its reliance on the volatile Strait of Hormuz by diversifying its import routes.

Sources explained that India has redirected a significant portion of its procurement to ensure a steady flow of oil, noting that "India has ramped up 10 per cent of its crude imports from sources other than the Strait of Hormuz."

This strategic shift is reflected in the overall import data, with officials highlighting that "60 per cent of crude oil import, which was sourced from other than Straits of Hormuz, has now increased from 60 per cent to 70 per cent."

Government sources also assured domestic consumers about energy prices by explicitly ruling out any immediate increase in the cost of transport fuels.

Sources confirmed that "petrol and diesel prices will not increase."

To reinforce this commitment to the public, they reiterated their stance, saying, "Today we again assure that prices of Petrol and Diesel will not increase."

Talking about energy stock in the country, government sources have noted that the nation's stock levels are on an upward trajectory despite the volatility in West Asia.

Officials indicated that recent assessments have provided the administration with a much-needed cushion, stating that "Energy stock position of India is improving" and that "As the situation is improving, that is giving us greater confidence."

This positive trend was further emphasised during high-level internal evaluations, with sources adding that "In our review meetings, we are getting the sense that our energy stocks are getting better."

The government also took the opportunity to address political allegations regarding the pricing of Liquefied Petroleum Gas (LPG), dismissing claims of a price hike as a misinterpretation of official statements. Sources clarified that their previous assurances regarding price freezes were never intended to cover cooking gas, stating that "Their allegation is completely baseless. This was only said for petrol and diesel. It was not in reference to LPG."

Furthermore, they noted, "At one stage we were concerned for our LPG Stocks, but now we are at better situation."

- ANI