India has 1 month LPG supply, 60 days oil stock: Government

Unabated panic buying of fuel in the country prompted the Government on Thursday to assure the citizens that India has about 60 days of oil stock cover and has arranged one full month of LPG supply.

The Ministry of Petroleum and Natural Gas, for the first time since the war in West Asia broke out, also released stock details of crude oil, fuels and LPG. “There is no shortage of petrol, diesel, or LPG anywhere in the country,” it said, emphasising that the country’s petroleum and LPG supply situation is “fully secure and under control.” The ministry reiterated India’s fuel security, saying that the country continues to function as an “oasis of energy security.”

“Any representation that India’s reserves are depleted or insufficient should be dismissed with the disdain it deserves,” the ministry said, dismissing with “disdain” reports of depleted oil reserves in the country. This follows the Centre’s earlier clarification dismissing reports that LPG refill booking timelines had been changed. It said the claims were incorrect and misleading, and reaffirmed that the existing timelines “remain unchanged and continue to” operate under the current time limit. Parallely, State-owned oil marketing companies also said there is no shortage of petrol, diesel or liquefied petroleum gas (LPG) and supplies remain stable.

India, it said, has 74 days of total crude oil and fuel stocking capacity. “Actual stock cover is around 60 days right now (including crude stocks, products stocks and the dedicated strategic storage in caverns) even as we are on the 27th day of the Middle East crisis.”  “Nearly two months of steady supply is available for every Indian citizen regardless of what happens globally.”  With the next two months of crude procurement already secured, India is completely secure for the next many months and the quantity in strategic cavern storage becomes secondary in such a supply situation, it said. “Any representation that India’s reserves are depleted or insufficient should be dismissed with the disdain it deserves,” the ministry said.

With some petrol pumps, especially in smaller towns, finding difficulty in lifting fuel after oil companies put them on cash-and-carry, the ministry said in a statement that steps have been taken to increase credit to petrol pumps to over three days from earlier allowed one day in order to ensure that there is no shortage of petrol and diesel at any pump due to working capital issues of pump owners.

Stating that all retail fuel outlets have enough supplies, the ministry called upon citizens not to be “misled by a deliberately mischievous, coordinated campaign of misinformation that is being carried out to spread unjustified panic.”

While the Iran war has disrupted the supply of half of the crude oil (raw material used to make fuels like petrol and diesel), the country has secured enough crude supplies from elsewhere for the next 60 days. Also, fuel tanks are at optimum levels and can help cover two months of requirements.

On LPG, whose supply has been scarce because of the shutting down of Strait of Hormuz - the conduit which shipped a bulk of Indian supplies, the ministry said 800,000 tonnes of LPG cargoes have been secured and one full month of supply is firmly arranged.

Separately, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) put out posts to say their petrol pumps were operating normally and there was no shortage of any fuels. India, the world’s fourth-largest refiner and fifth-largest exporter of petroleum products, has structurally assured domestic fuel availability and continues to supply refined fuels to over 150 countries, the ministry statement said.

“Every Indian refinery (which turns crude oil into fuels like petrol and diesel) is running at over 100 per cent utilisation,” it said. “Crude oil supplies for the next 60 days have already been tied up by Indian oil companies. There is no supply gap.

The ministry added that crude supplies remain stable despite tensions around the Strait of Hormuz, with higher volumes from alternative sources offsetting any disruption. LPG supplies are also sufficient, it said, with domestic production increased and import requirements reduced. Additional cargoes have been secured from multiple countries, ensuring steady availability.

Across the world, countries are dealing with price increases, rationing, odd-even vehicle restrictions, and forced station closures. Few have declared a ‘National Energy Emergency’.

“India does not feel the need for any such measures,” it said. “While other nations are rationing, there is no shortage of supplies in India.”