The Petroleum Ministry said on Saturday that stocks of petrol and diesel remained adequate at retail pumps across the country, even as a panel of EU ministers overseeing supplies – from gas to fertilisers – assessed measures to boost availability amid the West Asia war, Defense Minister Rajnath Singh said in a tweet.
The Ministry of Petroleum said in a statement that the distribution of LPG cylinders, used by 333 million families for daily cooking, remained “normal” as outlets delivered about 5.4 million canisters on Friday.
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Meanwhile, the ministry said LPG allocations for commercial use, which were initially reduced to protect households, had risen to “70% of pre-crisis levels.” The total commercial share includes allocating 20% priority to restaurants, hotels, industrial canteens, food processing, in addition to dairy units.
Iran has all but closed the Strait of Hormuz in response to strikes by the United States and Israel, choking off global energy supplies and driving up prices.
India imports 90% of its crude oil, half of its liquefied natural gas needs, and two-thirds of its liquefied petroleum gas needs, most of which comes from the Gulf countries across the Strait. The country is the second largest importer of liquefied petroleum gas in the world, consuming 33.15 million tons of liquefied gas.
A committee of ministers – the Informal Inter-Ministerial Group (IGoM), set up to monitor the situation in West Asia and recommend proactive measures – met to monitor supplies “today to review risks to energy supplies, domestic availability of essential commodities, resilience of critical infrastructure and strength of India’s supply chains,” the Defense Minister said in his post
The meeting, which was chaired by Rajnath Singh, was attended by Finance Minister Nirmala Sitharaman, Petroleum Minister Hardeep Singh Puri, Energy Minister Manohar Lal, JP Nadda (Chemicals and Fertilisers), Prahlad Joshi (Consumer Affairs), K Ram Mohan Naidu (Civil Aviation), Kiren Rijiju (Parliamentary Affairs) and Jitendra Singh (Science and Technology). Seven groups of trustees submitted sectoral submissions to the IGoM. Singh directed the groups of secretaries to adopt a “medium and long-term preparedness approach” and ensure speedy decision-making.
The government imposed an export tax of $21.5 per liter on diesel and $The Energy Department said $29.5 per liter of aviation turbine fuel, a measure to reduce shipments outside the country.
The government asked consumers not to resort to “panic buying” that occurs in some areas. The statement said the rumors led to people crowding into some retail gas stations in a few states, which only led to increased sales. All ministries and departments have been directed to share information, developments and advice via the MIB WhatsApp channel to counter rumours, misinformation and fake news.
The Coal Ministry has ordered state-run Coal India Ltd and Singareni Coalliries to allocate larger quantities to states for distribution to small and medium consumers and other consumers to ease gas demand pressures, the ministry said. Fossil fuels dominate energy consumption in Asia’s third-largest economy, accounting for 55% of total fuel demand.
