Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday said India’s crude supply position remains secure despite the ongoing West Asia crisis and disruption to shipping through the Strait of Hormuz.
Speaking in the Lok Sabha, Puri said the world has not faced a moment like the present in the history of the energy sector and noted that the Strait of Hormuz is effectively closed to commercial shipping for the first time in recorded history.
He said India, despite having no role in causing the West Asia conflict, has to navigate through its consequences.
"The refineries are operating at high capacity utilisation. In several cases, they are exceeding 100%. There is no shortage of petrol, diesel, kerosene, ATF or fuel oil. The availability of petrol, diesel, aviation, turbine fuel, kerosene and fuel oil is fully assured..." he said.
Responding to concerns raised by Leader of the Opposition Rahul Gandhi, Puri said the Modi government's utmost priority is that kitchens of India's 33 crore families do not face any fuel shortage.
Puri added that India has significantly diversified its crude oil import sources over the years, reducing dependence on shipments passing through the Strait of Hormuz.
"Non Hormuz sourcing has risen to approximately 70 % of crude imports, up from 55 % before the conflict began. India's sources grew from 40 countries as against 27 in 2006 and 2007. This structural diversification built through sustained policy over successive years has given us options that other nations find themselves without. The refineries are operating at high capacity utilisation. In several cases, they are exceeding 100%. There is no shortage of petrol, diesel, kerosene, ATF or fuel oil. The availability of petrol, diesel, aviation, turbine fuel, kerosene and fuel oil is fully assured. Retail outlets across the country are stocked and supply chains for these products are functioning normally..." he said.
The minister also said that due to the Prime Minister’s diplomatic outreach, India has secured crude volumes that exceed what the disrupted Strait of Hormuz could have delivered during the same period.
