The government today informed that there is no shortage of any petroleum products and India has a stock of 60 days of crude oil, 60 days of Natural Gas and 45 days of LPG. This was stated during the 5th meeting of the Informal Group of Ministers on West Asia, chaired by Defence Minister Rajnath Singh in New Delhi. The meeting took stock of the latest developments in the conflict and discussed ways to bolster the country’s readiness to ensure its minimum effect on the people. India is among the few countries where petroleum prices have held steady through this period of global volatility, even after more than 70 days since the conflict started. During the meeting, it was informed that the foreign exchange reserves stand at a comfortable 703 billion US dollars. India is the world’s third-largest oil refiner and fourth-largest exporter of petroleum products, exporting to over 150 countries and meeting domestic demand in full.
The Ministers were informed that there is a surplus amount of essential commodities for the people, and the present conservation is intended towards long-run capacity building if the crisis prolongs. The government said that the supply management has been good, and the people need not panic or resort to over purchase of fuel and other products.
(During the meeting, Defence Minister Rajnath Singh directed the officials to take concrete steps to implement Prime Minister Narendra Modi’s appeals at the ground level. The Prime Minister had exhorted the people to reduce petrol and diesel consumption by using metros and public transport and opting for car pooling. He had also urged the citizens to help conserve foreign exchange reserves by refraining from unnecessary foreign travel, choosing domestic tourism and celebrations within India, and avoiding non-essential gold purchases for a year. The Prime Minister urged the farmers to reduce chemical fertiliser usage by 50 per cent, move towards natural farming practices, help protect soil health and reduce import dependence, and encourage wider adoption of solar-powered irrigation pumps instead of diesel pumps in agriculture. The government has said that there is a huge cost being borne by the nation as international crude prices are continuing at very high levels, and fuel conservation can ease this burden. Bhanu Pratap Singh, Akashvani News, Delhi)
Mr Singh emphasized that Ministries and states must identify measures to institutionalise fuel efficiency, public awareness, and responsible consumption behavior in a coordinated manner. The Minister added that the primary focus for India during the current phase is to ensure that energy flows remain uninterrupted, economic stability is maintained, and maritime trade routes remain secure. He directed all stakeholders to remain vigilant to deal with every situation. Mr Singh highlighted the urgent need for the country to accelerate the process of transforming its energy mix, rapidly expanding renewable-based alternative energy sources, and identifying more reliable and diversified energy supplies. He called for re-evaluation of strategic reserve requirements to tackle issues arising out of supply chain disruptions, with future energy security in mind. He also stressed the need to focus on strategic crisis anticipation, early warning assessment, scenario planning, and timely whole-of-government preparedness.
The meeting was attended by Union Ministers J.P. Nadda, Ashwini Vaishnaw, Hardeep Singh Puri, Kiren Rijiju, K. Rammohan Naidu, Sarbananda Sonowal and Dr Jitendra Singh.