India Bolsters Energy Security Amid Volatile West Asia Situation

Describing the situation in West Asia as "uncertain and volatile", the minister emphasised the need for India to remain prepared not only for de-escalation but also for any renewed escalation.

He also said the government, under Prime Minister Narendra Modi, is taking swift and coordinated measures to mitigate potential risks arising from the conflict.

The minister highlighted the Union Cabinet's approval for the creation of the 'Bharat Maritime Insurance Pool' with a sovereign guarantee of Rs 12,980 crore.

According to him, the initiative is aimed at ensuring uninterrupted and affordable maritime insurance coverage for vessels carrying cargo to and from Indian ports, even through volatile sea routes.

He said the move will strengthen India's trade resilience and provide stability to import-export operations.

The IGoM was also informed that India continues to maintain a stable energy security position despite global supply disruptions.

The country currently holds crude oil, petrol, diesel and ATF inventories sufficient for over 60 days, while LNG stocks are adequate for around 50 days and LPG stocks for about 40 days, supported by domestic production, the government said.

To reduce dependence on vulnerable routes such as the Strait of Hormuz, India has diversified its energy imports, securing supplies from regions including the United States, Australia and Latin America. Import requirements for April and May 2026 have already been largely secured.

The government is also promoting piped natural gas (PNG) usage, with more than 4.76 lakh new PNG connections added since March 2026 and over 5.33 lakh registrations for fresh connections.

Over 37,500 LPG consumers have surrendered connections in favour of PNG through the MYPNGD platform, the meeting was informed.

In the petrochemical sector, an inter-ministerial Joint Working Group (JWG) has been formed to ensure the availability of feedstock.

The government has also permitted oil refining companies to supply minimum quantities of C3 and C4 streams for critical sectors, while allocating 1,000 metric tonnes per day from the LPG pool for pharma and chemical industries.

The meeting was also informed that the supply of key inputs such as propylene and methanol remains stable, with no material shortage reported.

Fertiliser stocks, including urea, DAP, NPK, SSP and MOP, are also sufficient, supported by additional supplies of 47.5 lakh tonnes between March 1 and April 16, 2026.

The minister also stressed the importance of ensuring the welfare of the Indian diaspora, calling it a top government priority.

He further called for systematic documentation of best practices adopted by states and other countries to strengthen India's response framework in dealing with global supply disruptions.

- IANS