New Delhi, March 3: The Union Government on Tuesday affirmed that India possesses sufficient crude oil and fuel inventories to sustain domestic demand for six to eight weeks, providing a critical buffer against potential supply chain disruptions in West Asia. The announcement comes as escalating military conflict and the effective closure of the Strait of Hormuz—a vital energy chokepoint—have triggered concerns over global energy security.
Oil Minister Hardeep Singh Puri maintained that the government is monitoring the situation on a “daily and hourly basis” to safeguard the interests of Indian consumers. He asserted that while approximately half of India’s crude and LPG imports typically transit the Strait of Hormuz, the nation has successfully diversified its sourcing to include the US, Russia, and West Africa. This strategy ensures that a significant portion of incoming cargo is not routed through the volatile waterway.
To manage the evolving situation, the Petroleum Ministry has established a 24×7 control room to track stock positions across the country. Officials declared that India’s commercial crude stocks, combined with strategic petroleum reserves at Mangalore, Padur, and Visakhapatnam, total approximately 100 million barrels. “We are in a reasonably comfortable situation,” a senior ministry official affirmed, noting that contingency plans are in place even if the regional crisis persists beyond initial estimates.
While immediate fuel shortages are not anticipated, the government declared that it remains vigilant regarding the economic impact. Brent crude prices have already surged by roughly 10 percent, crossing the $80 per barrel mark. Minister Puri stated that all necessary steps will be taken to ensure both the availability and affordability of petroleum products, though higher freight and insurance costs may still influence the national import bill.
