New Delhi: India currently has sufficient crude oil reserves to meet domestic demand for 78 days, government sources informed a parliamentary panel on Monday amid concerns over disruptions in global energy supplies caused by the ongoing West Asia conflict.
The issue was discussed during a meeting of the Parliamentary Standing Committee on Transport, Tourism and Culture, chaired by JD(U) leader Sanjay Kumar Jha. The panel reviewed the impact of the West Asia crisis on India’s maritime trade, shipping infrastructure and the safety of Indian seafarers.
India’s energy imports have faced challenges after tensions in West Asia disrupted shipping activity through the Strait of Hormuz, a crucial route for global oil transportation. A significant share of India’s crude oil imports comes from Gulf and West Asian countries, making the region strategically important for the country’s energy security.
The disruption in tanker movement through the Strait has contributed to volatility in international crude oil prices and raised fears of inflationary pressure across global markets.
Despite the situation, government sources maintained that petrol and diesel remain available in adequate quantities across the country and there is no immediate concern regarding shortages at fuel stations.
Meanwhile, petrol and diesel prices were increased again on Monday, marking the fourth hike in less than two weeks. Petrol prices rose by Rs 2.61 per litre while diesel prices increased by Rs 2.71 per litre. Since May 15, cumulative fuel price hikes have crossed Rs 7 per litre in several cities, pushing petrol prices above Rs 100 per litre in many regions.
Finance Minister Nirmala Sitharaman said the recent increase in retail fuel prices was due to operational costs faced by oil marketing companies amid global procurement challenges. She stated that the government had earlier absorbed significant financial pressure by reducing taxes to shield consumers from rising international oil prices.
She also urged citizens to focus on conserving “3Fs” — fuel, fertiliser and foreign exchange — during the ongoing global uncertainty.
