 "Photo: PTI")
Prime Minister Narendra Modi on Monday said that India has diversified fuel imports and boosted strategic oil reserve over the past 11 years, and these steps have helped tackle the crisis arising out of the ongoing war in West Asia.
In a speech in Lok Sabha, Modi addressed India’s energy security situation and outlined the steps taken so far.
Modi said, “Over the past 11 years, India has diversified its energy imports, from 27 countries earlier to 41 today. India has also strengthened crude oil storage for times of crisis. At present, the country has over 5.3 million metric tonnes of strategic petroleum reserves, and efforts are underway to expand this to more than 6.5 million metric tonnes.”
Modi urged the parliament to speak before the world in a “unified voice and consensus reach the world regarding this crisis from the parliament”.
In response to the American and Israeli attacks, Iran has struck energy infrastructure across the region, forcing massive oil and gas production cuts. It has also closed the Strait of Hormuz. As a result, Iran has cut off the world’s 20-25 per cent oil and gas supply, creating a worldwide energy crisis and sending prices skyrocketing. From the pre-war $72 per barrel, Brent crude last closed at $112.
Modi acknowledged that a “significant portion” of India’s oil, gas, and fertiliser supplies comes through the Strait of Hormuz and movement of ships through the Strait has become very challenging since the war began.
“Despite this, the government is making every effort to ensure that the supply of petrol, diesel, and gas is not significantly affected. Our focus remains on minimising difficulties for common households. We all know that India meets nearly 60 per cent of its LPG requirement through imports. Due to supply uncertainties, the government has prioritised domestic use of LPG, while also increasing production within the country. Even as petrol and diesel supplies continue across the country, the government is consistently working to address these challenges,” Modi further said.