Amid the continuing turmoil in West Asia, government sources on Tuesday said India currently has crude oil and refined petroleum product stocks sufficient for around 25 days. At the same time, efforts are underway to identify alternative sources for importing crude oil, LPG and LNG.
Sources also clarified that there are no immediate plans to increase petrol or diesel prices despite the prevailing geopolitical tensions.
The Ministry of Petroleum and Natural Gas said it is closely tracking the evolving situation and will take all necessary steps to ensure the availability and affordability of essential petroleum products.
“We are continuously monitoring the situation, and all required measures will be taken to ensure availability and affordability of major petroleum products in the country,” the Ministry said in a post on X.
India remains heavily dependent on crude oil and natural gas imports from West Asian nations, making the region crucial to the country’s energy security.
Earlier on Monday, Union Petroleum and Natural Gas Minister Hardeep Singh Puri reviewed the supply position of crude oil, LPG and other petroleum products with senior officials from the Ministry and public sector undertakings (PSUs) in view of the tensions.
In a parallel move, the Department of Commerce under the Ministry of Commerce and Industry held a stakeholder consultation to assess the possible impact of the West Asia situation on India’s export-import cargo movement.
The meeting was chaired by Special Secretary Suchindra Misra and Director General of Foreign Trade Lav Agarwal. Representatives from logistics operators, shipping lines, freight forwarders, the Central Board of Indirect Taxes and Customs, the Department of Financial Services, the Petroleum Ministry, the Ministry of Ports, Shipping and Waterways, the Reserve Bank of India and other stakeholders attended the discussions.
Participants reviewed possible changes in shipping routes and transit times, vessel scheduling, container availability, freight and insurance costs, and the likely impact on time-sensitive exports.
According to the Commerce Ministry, discussions focused on maintaining predictability in cargo movement, reducing avoidable delays, and ensuring smooth documentation and payment processes for exporters and importers.
The government stressed that it remains alert and ready to respond quickly to any disruption affecting energy supplies or trade flows.