Prime Minister Narendra Modi reassured the public on Thursday that the government is taking all necessary measures to protect India’s energy security amidst the challenges posed by disruptions in oil and gas supplies due to the Iran war. Speaking at a media event, PM Modi highlighted the government’s comprehensive efforts to achieve self-reliance in the energy sector, resulting in substantial cost savings for the nation.
PM Modi emphasized the significant progress made in enhancing India’s strategic petroleum reserves, noting that the country had minimal storage capacity before 2014 but now boasts reserves totaling 5.33 million metric tonnes. These reserves serve as a crucial buffer against short-term supply disruptions triggered by geopolitical conflicts, providing for approximately 9.5 days of crude oil requirements.
Furthermore, Oil Marketing Companies (OMCs) in India have storage facilities capable of accommodating crude oil and petroleum products for up to 64.5 days, leading to a national storage capacity of 74 days. The Prime Minister underscored the government’s unwavering commitment to ensuring that Indian citizens do not encounter difficulties due to global conflicts.
In parallel efforts, the Ministry of Petroleum and Natural Gas affirmed its dedication to maintaining uninterrupted energy supplies, with the daily delivery of 50 lakh LPG cylinders. Consumers were advised against engaging in “panic booking” of cooking gas amidst the current scenario. Despite the closure of the Strait of Hormuz to commercial shipping, India has diversified its crude oil sources, with over 70% now originating from alternative routes, reducing dependence on the strait.
India, as the world’s fourth-largest refiner with 22 refineries, consumes 5.5 million barrels of oil daily. The country’s refineries are operating at high capacity utilization, some even exceeding 100%, ensuring a comfortable position in terms of petroleum product availability during the ongoing crisis. With more than 1 lakh retail outlets stocked with petroleum products, the government assures the public of ample supplies.
