Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday said there is no fuel shortage in the country and that India has sufficient crude oil. Asserting that India's crude supply position is secure, the Union Minister urged people not to spread rumours and avoid creating fake narratives.
"The world has not faced a moment like this in modern energy history. India's crude supply position is secure, and the secured volume exceeds what Hormuz would have delivered. Before the crisis, approximately 45 per cent of India's crude imports transited through the Strait of Hormuz route. Thanks to the Prime Minister's outstanding diplomatic outreach and goodwill, India has secured crude volumes that exceed what the disrupted Strait of Hormuz could have delivered in the same period," he said.
Non Hormuz sourcing has risen to approximately 70%
According to Puri, India is not impacted by the closure of the Strait of Hormuz as the non-Hormuz sourcing has risen to approximately 70 per cent of crude imports, higher than 55 per cent before the US-Israel-Iran war.
"Non Hormuz sourcing has risen to approximately 70 per cent of crude imports, up from 55 per cent before the conflict began. India's sources grew from 40 countries as against 27 in 2006 and 2007. This structural diversification built through sustained policy over successive years has given us options that other nations find themselves without. The refineries are operating at high capacity utilisation. In several cases, they are exceeding 100 per cent," Puri said.
LNG cargoes are arriving on an almost daily basis
Large LNG cargoes are arriving on an almost daily basis through alternative supply routes. "India has sufficient gas production and supply arrangements to sustain this position even in the event of a prolonged conflict. Power generation for every household and for industry is fully protected...Procurement has now been actively diversified with cargoes being secured from the United States, Norway, Canada, Algeria and Russia," he added.
LPG production has been increased by 28%
The petroleum minister said that the LPG production has been increased by 28 per cent in the last five days through refinery directives, and further procurement is underway.
"The Modi government's foremost priority is that the kitchen of India's 33 crore families, especially the poor and the underprivileged, do not face any shortage. Domestic supply is fully protected and the delivery cycle is unchanged," he said in the Parliament.
