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Following the outbreak of hostilities in the Middle East and the evolving global energy situation, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, informed that "the country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East."
In a media briefing, the Minister provided an update on the country's preparedness in the current circumstances. It was highlighted that India is the third largest importer, fourth largest refiner, and fifth largest exporter of petroleum products globally. It was further apprised that in the last few years, India has ensured both availability and affordability of energy for its population by diversifying its sources. Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz. Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz. The Ministry has also established a 24x7 Control Room to continuously monitor the supply and stock position of petroleum products across the country. The Minister, via a press briefing, also notified that the Government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation. Earlier today, government sources said that India has about 25 days of crude oil and refined oil stocks, and it is scouting for alternative sources for importing crude oil, LPG and LNG. As per the sources, there are no immediate plans to raise the prices of petrol or diesel in the country amid tensions in West Asia. (ANI)
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