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Government holds 48-hour review with oil firms; 50-day crude reserve and LPG stock in place
The ongoing conflict between Iran and Israel has begun impacting global energy routes, with Iran reportedly closing the strategic Strait of Hormuz. The development has raised concerns for countries dependent on crude oil imports, including India.
The Strait of Hormuz is a crucial maritime passage through which a significant portion of the world’s crude oil is transported. With the route now shut, India has moved quickly to prevent any shortage of crude oil within the country.
Over the past 48 hours, the Petroleum Department has held continuous meetings with major oil companies to assess the situation and prepare contingency plans. Officials have discussed alternative supply routes to ensure uninterrupted crude imports.
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One of the key options under consideration is transporting oil via the Cape of Good Hope route in South Africa. However, this alternate route is longer and would lead to higher transportation costs, increased shipping time, and significantly higher insurance payments for cargo.
At the same time, discussions are also underway to increase crude oil purchases from India-friendly nation Russia. Notably, India’s imports of Russian crude had reduced in recent months, and fresh talks are being explored in light of the current crisis.
Despite the disruption, officials have confirmed that India currently has crude oil reserves sufficient for around 50 days. This includes stocks maintained in strategic petroleum reserves. Additionally, LPG stocks in the country are said to be adequate for 25 to 30 days.
Also Read:Astrologer Sachidananda Babu Guruji predicted Iran war days ahead!
The government is closely monitoring the evolving situation and continuing discussions on alternative import routes for both crude oil and LPG to avoid any immediate supply crisis.
