Government says energy supply remains comfortable
The price rise comes amid broader discussion over India’s energy supply situation, particularly as tensions in West Asia have raised concerns about potential disruptions to global oil routes.Union Petroleum and Natural Gas Minister Hardeep Singh Puri first tried to reassure consumers about the country’s energy security.“Our priority is to ensure availability of affordable and sustainable fuel to our citizens, and we are doing this comfortably. There is no energy shortage in India and there is no cause for concern for our energy consumers, Puri said in a post on X.Indian Oil Corporation also rejected the rumors circulating on social media regarding the shortage of petrol and diesel, calling them baseless. The company said India has adequate fuel reserves and supply and distribution networks are functioning normally.“India has adequate fuel reserves, and supply and distribution networks are functioning normally. IndianOil is committed to maintaining uninterrupted fuel supply across the country,” the company said in a statement on Thursday.
India is diversifying energy sources
Government sources said India is currently in a “very comfortable position” with respect to crude oil, petroleum products and LPG supplies despite concerns over the Strait of Hormuz.According to sources, the country has diversified its crude oil import basket in recent years and now sources energy from multiple geographies to reduce dependence on any one route. Russia, which accounted for only 0.2 per cent of India’s crude oil imports in 2022, has become a major supplier. Sources told ANI that in February, India imported about 20 per cent of its crude oil needs from Russia, or about 1.04 million barrels per day.Officials also said LPG refineries have been directed to increase production to maintain adequate supply, while imports from the United States have started arriving from January under a one-year contract signed by Indian public sector oil companies for about 2.2 million tonnes of LPG from the US Gulf coast by 2026.
