India has enough supplies of crude oil and essential petroleum products like gasoline, diesel, and aviation turbine fuel (ATF) to weather any short-term disruptions caused by the current conflict in the Middle East, the government stated on Tuesday.
Petroleum and Natural Gas Minister Hardeep Singh Puri informed the press that the nation is completely equipped to handle the changing global energy scenario. As India maintains a strong inventory and keeps a close eye on events, he reassured that there is no need to be concerned right now.
He said that India is now the third-largest crude oil importer, the fourth-largest refiner, and the fifth-largest petroleum product exporter in the world.
The nation has accumulated adequate reserves to cope with short-term supply shortages due to its commanding position in the world energy market.
According to the minister, India has made tremendous strides in recent years to diversify its crude oil supply in order to guarantee that consumers have access to affordable options.
Now, according to the minister, Indian energy firms have access to supplies that don’t travel via the Strait of Hormuz, a crucial route for the world’s oil industry that may be vulnerable to geopolitical unrest in the Middle East.
According to him, these alternative routes will help mitigate any immediate supply concerns.
The Ministry of Petroleum and Natural Gas has established a 24×7 control center to track the supply and stock status of petroleum products throughout the nation in order to maintain a close eye on the situation.
To guarantee availability is not interrupted, authorities are constantly monitoring the situation.
The government stated that it is moderately happy with the existing inventory levels and is still dedicated to protecting the interests of Indian consumers. The statement went on to say that, based on continuous assessments, it is cautiously hopeful that staged actions may be implemented, if required, to enhance the situation.