The conflict between Iran and America has been going on in West Asia for about 76 days. Israel is also taking part in the fighting. Due to this, concerns regarding oil and gas have started deepening. Prime Minister Narendra Modi himself has appealed to the countrymen to adopt options like work from home, car pooling in view of the crisis. Meanwhile, Union Petroleum and Natural Gas Minister Hardeep Singh Puri also urged the public to follow PM Modi’s suggestions so that import expenses can be reduced. He also enumerated the measures being taken by the government regarding crude oil reserves and fuel supply.
According to Hardeep Puri, the government has faced obstacles in energy supply amid the West Asia crisis. While managing the situation, minimum burden was put on the people. Domestic production of LPG has been increased. It has increased from 36,000 to 54,000 metric tons per day. He called it an incredible achievement. He said, due to the situation arising out of tension in West Asia, Indian oil companies are incurring a loss of Rs 1,000 crore every day. The total under recovery i.e. loss is estimated to reach Rs 1,98,000 crore.
What update did the government give on fuel stocks?
On the aspect related to the existing reserves, Union Minister Puri said that India has 60 days of crude oil. There is also 60 days of LNG and 45 days of LPG stock. There is no problem on the supply side. Prices have not been increased for the last four years. The last time prices increased was in 2022. Someone said that there would be a rise in prices after the elections in five states, but it did not happen.
The loss has reached Rs 1 lakh crore
During his address at CII’s annual summit, Puri said, if you look at the quarterly figures, the loss has reached Rs 1 lakh crore. In such a situation, how long can you maintain this situation? Crude oil prices earlier used to be around $64 or $65 per barrel. Now it has increased to $ 115 per barrel.
Efforts to increase production to reduce import dependence intensified
He said that 20 percent of global energy came from the Strait of Hormuz. 85 percent of India’s crude oil was imported from this region. About 60 percent of LPG was imported from there also. Before the crisis, domestic production of LPG was 35,000-36,000 metric tonnes. The government has increased it to 54,000 metric tons.
Follow the Prime Minister’s suggestion, no need to panic
According to Hardeep Puri, India’s petrol consumption has increased by 6 percent, yet there has been no reduction anywhere in the country. Petrol and diesel are available at every petrol pump, LPG supply is also adequate. He urged people to follow the suggestions of Prime Minister Narendra Modi so that import expenses are reduced. Puri reiterated that there is enough stock, so there is no need to panic.