New Delhi, March 10: The Central Government on Tuesday dismissed concerns regarding a potential fuel shortage, declaring that India possesses sufficient reserves of Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG). Despite the ongoing conflict in West Asia, officials maintained that proactive measures have successfully stabilized the energy sector and that more supplies are currently arriving from multiple international sources.
A significant shift in logistics has allowed India to reduce its reliance on the Strait of Hormuz, which was previously a primary transit route. While the country imported 55 percent of its crude through the Hormuz route at the onset of the conflict ten days ago, the government affirmed that 70 percent of crude is now being sourced through alternative channels. Furthermore, the global price of crude oil has seen a decrease from 100 to 87 per barrel following the release of strategic stocks.
“Crude oil prices have come down on account of release of strategic stocks by some entities,” a senior government source stated, adding that there will be no hike in petrol or diesel prices at the retail level. On the matter of natural gas, the source asserted that the supply control order issued under the Essential Commodities Act, 1955, was a preemptive move to prevent panic and prioritize domestic consumers over commercial interests.
Ministry officials noted that no LPG distributors in the country are currently running dry. Current refill rules ensure that a booked cylinder remains available within an average of 2.5 days. To address the specific grievances of the hospitality sector, the government has formed a three-member committee consisting of executive directors from IOC, BPCL, and HPCL. This panel will engage with hotel and restaurant associations to resolve supply concerns, though officials noted that many such establishments have already transitioned to induction-based cooking mechanisms.
