India is currently in a secure position with ample stocks of crude oil, petrol, diesel, and LPG. The country’s oil companies are diversifying imports beyond the Gulf region to offset disruptions caused by the Iran conflict. A senior official mentioned that India has diversified energy sources, reducing reliance on the Straits of Hormuz.
Since 2022, India has been increasing crude oil imports from Russia. In February alone, India imported 1.04 million barrels per day from Russia, a significant rise from previous levels. The MRPL refinery shutdown news was clarified as incorrect, with the refinery well-stocked and LPG production being boosted across all refineries.
To address potential cooking fuel shortages, the government has instructed refiners to prioritize domestic LPG supply. Amid escalating Middle East tensions affecting global energy supplies, India aims to secure critical gases like propane and butane for household LPG production. The Strait of Hormuz disruption has impacted global energy trade, with concerns over LNG supplies from Qatar.
