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No shortage of oil and gas, will not impose restrictions: Government. india news

'India is an oasis of energy security': Government said, no shortage of fuel, warned against misinformation

New Delhi: The government on Thursday refused to ban the sale of petrol and diesel, saying there is no shortage of oil and gas and refiners are importing the excess.Calling India an “oasis of energy security”, which supplies refined fuel to over 150 countries, the government said the availability of domestic petrol and diesel is structurally assured. “All over one lakh retail fuel outlets are open and distributing fuel without any interruption,” it said. Not a single outlet has been asked to ration supplies,” it said, adding that two months’ oil supply and one month’s LPG requirements are already available.

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‘India is an oasis of energy security’: Government said, no shortage of fuel, warned against misinformation

“India’s petroleum and LPG supply situation is completely safe and under control. There is no shortage of petrol, diesel or LPG anywhere in the country,” the Petroleum Ministry said.The clarification comes amid global moves to curb fuel use and speculation that India may also follow suit. Reports of shortages and rumors of a lockdown led to queues at filling stations, but the ministry said these were isolated incidents arising from “deliberate misinformation”.The government said that alternative arrangements have been made to reduce dependence on imports, especially from West Asia. India imports about 90% of crude oil, 60% of LPG and more than half of natural gas. As against the reserved capacity of 74 days, the actual availability is around 60 days.“There is approximately two months of stable supply available to every Indian citizen, irrespective of what happens globally,” the ministry said. The next two months of crude oil procurement have also been secured.” It said oil companies have increased credit to petrol pumps from one day to three days to prevent disruptions.India has diversified its crude oil supplies to 41 countries, with the bulk of crude oil being supplied from the Western Hemisphere to compensate for any disruption in the Strait of Hormuz. Domestic LPG production has been increased by 40% to 50,000 tonnes per day, meeting about 60% of demand, while 800,000 tonnes of incoming cargo is on the way. More than 50 lakh cylinders are being distributed daily.The government said switching of LPG connections to PNG is part of the strategy to move towards cheaper fuel and it had started well before the current situation.

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