India well stocked with crude, petrol, diesel, ATF inventories; will deal with short-term disruptions: Hardeep Singh Puri

Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz, said the minister.

India well stocked to deal with short-term disruptions

Amid outbreak of hostilities in the Middle East and the evolving global energy situation, Union Petroleum Minister Hardeep Singh Puri today said India is well stocked with crude oil inventories to deal with any short-term disruptions arising from the disruptions.

Briefing the media on the country’s preparedness in the current circumstances, Puri said, India is the third-largest importer, fourth-largest refiner, and fifth-largest exporter of petroleum products globally. “The country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East,” Puri said.

Puri said in the last few years, India has ensured both availability and affordability of energy for its population by diversifying its sources. “Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz. Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz,” he added.

24×7 control room to monitor supply and stock position

“Petroleum ministry has established a 24×7 control room to continuously monitor the supply and stock position of petroleum products across the country. At present, the government is reasonably comfortable in terms of stocks,” said the government in a release.  

“Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation,” the release added.

Earlier today, Iran announced the closure of the Strait of Hormuz and warned that it would open fire on any vessel attempting to pass through the strategic waterway, according to reports citing Iranian state media. The move marks Tehran’s strongest escalation yet, following signals over the weekend that it intended to block the critical oil export corridor in retaliation for recent military strikes. The strait of Hormuz accounts for about 20% of the global crude oil supply and is a critical source for China and India.