Prime Minister Narendra Modi is scheduled to speak at the Lok Sabha at 2 p.m. on Monday, focusing on issues related to the ongoing conflict in West Asia. A high-level meeting chaired by PM Modi on Sunday reviewed the status of sectors like petroleum, crude oil, gas, power, and fertilizers. The meeting emphasized the need to ensure a steady supply and distribution of these essential resources amidst the evolving crisis in West Asia.
Officials provided updates to the Prime Minister on the availability of fuel and the measures being implemented to safeguard India’s energy security. The government is closely monitoring global developments and has taken proactive steps to mitigate any impact on consumers and industries due to market volatility. Efforts are being made to maintain ample reserves and fortify supply chains in light of increasing geopolitical uncertainties.
The ongoing review is crucial as global energy markets remain tense due to the West Asia conflict, a region that significantly influences global oil and gas supplies. Of particular concern are potential disruptions in vital shipping lanes, notably the Strait of Hormuz, which facilitates a substantial portion of global energy trade. Prime Minister Modi recently engaged in discussions with Iran’s President Masoud Pezeshkian to address the regional situation and stress the importance of peace and stability.
To reduce reliance on the Middle East, India has diversified its oil and gas sources by increasing imports from countries like the United States, Russia, and Nigeria. Currently, nearly 70% of India’s oil imports are sourced from regions beyond the Gulf. The government has also intensified efforts to manage LPG supplies, including procuring liquefied petroleum gas from the US to tackle potential shortages. Despite concerns about LPG availability, there have been no disruptions in supply at the consumer level, with a notable increase in online bookings.
