Prime Minister Narendra Modi led a high-level meeting to assess the status of the petroleum, crude oil, gas, power, and fertiliser sectors, focusing on ensuring consistent supply and stable distribution amidst the evolving West Asia crisis.
The meeting concentrated on maintaining uninterrupted supply chains, ensuring smooth logistics, and optimizing distribution systems nationwide to avert any disruptions in essential services. Officials updated the Prime Minister on the current fuel availability status and the measures in place to safeguard India’s energy security.
In response to global developments, the government is actively monitoring the situation and implementing preemptive actions to shield consumers and industries from market volatility. Initiatives are in progress to bolster reserves and fortify supply networks amid escalating geopolitical uncertainties.
Amidst the ongoing conflict in West Asia, global energy markets are tense, with the region being a significant player in global oil and gas supplies. Concerns loom over potential disruptions in crucial shipping lanes, notably the Strait of Hormuz, a vital route for global energy trade.
Recently, Prime Minister Modi engaged in discussions with Iran’s President Masoud Pezeshkian to address the regional scenario, emphasizing the importance of peace and stability. He stressed the necessity of keeping international shipping routes open and secure, cautioning against any disturbances that could impact global supply chains.
India has strategically diversified its oil and gas imports to reduce reliance on the Middle East, increasing purchases from countries like the United States, Russia, and Nigeria. Currently, about 70% of India’s oil imports are sourced from regions beyond the Gulf.
Efforts have been intensified to manage LPG supplies, including procuring liquefied petroleum gas from the US to mitigate potential shortages. Despite concerns regarding LPG availability, officials assure that there have been no disruptions in consumer supply, with a notable surge in online bookings.
