On Thursday, Prime Minister Narendra Modi assured the Indian people that their country is doing all it takes to ensure a steady supply of energy in the face of interruptions in international oil and gas markets caused by the continuing crisis in Iran.
During his speech to a media event, the prime minister of India stated that India’s energy independence has been steadily growing over the last decade thanks to a comprehensive strategy.
Noting that India had almost little storage capacity prior to 2014, he emphasised the establishment of strategic petroleum reserves. strategic petroleum reserves. The country’s current stockpiles of 5.33 million metric tonnes are sufficient to cover the demand for crude oil for roughly 9.5 days and protect against temporary disruptions in supply.
Further increasing India’s overall national storage capacity to around 74 days, oil marketing corporations also keep crude oil and petroleum products in storage for approximately 64.5 days.
According to the Ministry of Petroleum and Natural Gas, the government is also making sure that fuel is available nationwide without interruption by delivering almost 50 lakh LPG cylinders every day. Consumers should not panic-book, according to authorities.
India still gets its petroleum imported from over 40 nations, even though the Strait of Hormuz isn’t working. About 70% of the supplies currently come via other routes.
India is the world’s fourth-largest refining hub, with 22 refineries and a daily oil consumption of over 5.5 million barrels. Presently, a number of refineries are running at extremely high capacity utilisation rates, sometimes even above 100%.
Despite the continuing geopolitical situation, the government has assured the public that more than 100,000 retail fuel outlets around the nation have sufficient supplies of petroleum products.
