South Africa tour of India 2019
India Maintains 25-Day Oil Reserve Amid West Asia Tensions
Amid escalating tensions in West Asia, the Government of India has confirmed that the country currently holds approximately 25 days’ worth of crude oil and refined petroleum product stocks. According to official sources, authorities are proactively exploring alternative supply routes for crude oil, LPG, and LNG imports to safeguard energy security.
India, being heavily dependent on energy imports from West Asian nations, has intensified monitoring efforts to ensure uninterrupted fuel availability. Union Petroleum and Natural Gas Minister Hardeep Singh Puri recently chaired a high-level review meeting with senior officials from the Ministry of Petroleum and Natural Gas and public sector undertakings. The meeting assessed supply chains and contingency preparedness amid geopolitical volatility.
Government sources clarified that there are currently no immediate plans to increase petrol or diesel prices despite global uncertainties. The ministry reiterated its commitment to maintaining both availability and affordability of petroleum products for consumers.
Simultaneously, the Department of Commerce under the Ministry of Commerce and Industry convened a stakeholder consultation to evaluate the broader trade implications of the West Asia crisis. The meeting, chaired by Special Secretary Suchindra Misra and Director General of Foreign Trade Lav Agarwal, included representatives from logistics providers, shipping companies, the Reserve Bank of India, customs authorities, and export promotion bodies.
Discussions focused on maintaining predictable cargo movement, minimizing shipment delays, managing rising freight and insurance costs, and ensuring seamless payment and documentation processes for exporters and importers. Officials emphasized the need for coordinated action to prevent disruptions to India’s export-import ecosystem.
The government continues to closely track developments and has assured citizens and businesses that all necessary steps will be taken to maintain energy and trade stability during this challenging period.
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