India has 78 days of crude oil stock, and the government has assured a parliamentary panel that oil supply remains under control. Petroleum ministry officials informed the panel that proactive steps have been taken to prevent any major fuel shortage, even as the duration of the ongoing global conflict remains uncertain.
Government Assurance on Fuel Availability
During the meeting with the parliamentary panel, officials from the Ministry of Petroleum and Natural Gas emphasized that the government is closely monitoring the situation. They stated that strategic reserves and diversified sourcing have helped maintain adequate stock levels. The officials acknowledged the uncertainty over when the conflict would end but reiterated that India is well-prepared to handle any disruptions.
Proactive Measures to Prevent Shortage
The government has implemented several measures to ensure fuel availability. These include increasing domestic production, securing long-term contracts with oil-producing nations, and maintaining strategic petroleum reserves. The officials also highlighted that India has been exploring alternative energy sources and promoting energy efficiency to reduce dependence on imported crude.
Impact on Consumers and Economy
With 78 days of crude stock, India is in a comfortable position to meet its energy needs for the next two and a half months. This buffer is expected to cushion the domestic economy from sudden price spikes or supply disruptions. The government assured that retail fuel prices would remain stable as long as global conditions do not deteriorate sharply.
The parliamentary panel appreciated the government's preparedness and recommended continued vigilance. Members also stressed the need for long-term strategies to enhance energy security, such as boosting renewable energy capacity and expanding domestic oil and gas exploration.
