Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday said India has never faced a shortage of petroleum products, even during the Covid pandemic or global conflicts, crediting the government’s foresight for ensuring uninterrupted supplies.
“Whether it was the period of the global Covid pandemic or geopolitical tensions, there has never been a shortage of petroleum products in India. This has been possible due to the foresight of Prime Minister Narendra Modi,” Puri said.
Referring to the recent tensions in the Middle East, including the Israeli attack on Iran that disrupted shipping and threatened closure of the Strait of Hormuz, Puri said India has gradually reduced its dependence on the critical passage.
“Under Prime Minister Modi’s leadership, we have diversified our supplies in recent years, and a large share of our imports no longer passes through the Strait of Hormuz,” he said.
India meets about 85 per cent of its crude oil needs through imports. A spike in global oil prices directly raises its import bill and fuels inflation, impacting economic growth. To cushion this, India has expanded its oil sources, ramping up imports from Russia and the US, and building strategic reserves.
The minister said India now has 23 operational refineries with a combined capacity of 257 million metric tonnes per annum. He also highlighted the setting up of strategic petroleum reserves to ensure supply security during disruptions.
The country’s storage capacity includes 2.25 million metric tonnes at Pudur, 1.33 MMT at Visakhapatnam, and 1.5 MMT at Mangalore.
Puri also pointed to the government’s push for green fuels, noting that India has met its target of 20 per cent ethanol blending with petrol six years ahead of schedule. E20 petrol is now available at outlets of Indian Oil, Bharat Petroleum, and Hindustan Petroleum across the country.
“This achievement not only cuts carbon emissions but also saves huge amounts of money. We have saved over Rs 1 lakh crore domestically and Rs 1.5 lakh crore in foreign exchange by reducing our import bill, and this money has gone to our farmers,” he said.
— IANS