New Delhi, March 24 (IANS) Prime Minister Narendra Modi on Tuesday said that the Indian economy’s fundamentals are “strong” and the Centre is making “continuous efforts” to ensure the West Asia conflict has minimal effect on the country. Speaking in the Rajya Sabha on the West Asia conflict, PM Modi said, “This present problem has shaken the economy of the entire world. It will take a lot of time for the world to recover from the loss in West Asia. Continuous efforts are underway to ensure that …
Latest Strategic Petroleum Reserves News & Updates
New Delhi, March 20 (IANS) The recent tensions in the Gulf region, particularly around the Strait of Hormuz, have once again exposed the fragility of global energy supply chains.For a country like India — historically dependent on imported hydrocarbons — such disruptions inevitably trigger concerns about fuel shortages. In recent weeks, social media has amplified anxieties around LPG availability, with visuals of long queues and delayed deliveries circulating widely.However, a closer and mor…
New Delhi, March 18 (IANS) Pakistan is facing a major fuel crisis due to the disruption in oil supplies triggered by the Middle East conflict, as the Shahbaz Sharif government has failed to manage the fallout of the disruption in oil supplies through the Strait of Hormuz.“In Pakistan, citizens wait for hours at petrol stations across various cities, paying 55 rupees more per litre than they did two weeks ago. The government is debating a vague plan to reduce the workweek to four days, halve th…
New Delhi, March 10 (IANS) India is continuing to supply diesel to Bangladesh via pipeline from the Numaligarh refinery in Assam as part of the long-term agreement that is in place with the neighbouring country.The India-Bangladesh Friendship Pipeline was operationalised in 2017. It has been supplying diesel to Bangladesh on a commercial basis from the Numaligarh Refinery Ltd. This diesel supply is part of regular ongoing energy trade between the two countries, a senior official said.Meanwhile, …
New Delhi, March 9 (IANS) The government has increased the minimum waiting period for booking a domestic LPG cylinder refill from 21 days to 25 days to prevent hoarding, as there were signs of panic buying taking place in the market amid the uncertainties due to the Iran war.Officials said that there is a sufficient supply of LPG available in the country, and the booking time for LPG cylinders has been increased as a measure to manage inventory effectively.The step has been taken as there was a …
New Delhi, March 9 (IANS) India currently has a total capacity for storage of crude oil and petroleum products for 74 days, which can help to tide over disruptions in case of adverse situations such as geopolitical conflicts, the Parliament was informed on Monday.”The government has established Strategic Petroleum Reserves facilities with a total capacity of 5.33 million metric tonnes (MMT), which can act as a buffer for short-term supply shocks such as geopolitical conflicts. This is meant to p…