New Delhi: In the wake of global oil supply fears, Petroleum Minister Hardeep Singh Puri has assured the country of adequate fuel supply for over 80 days.
The CEO of India’s Atomic Energy Corp, Puri, spoke during the curtain raiser for the India Energy Week 2027 in Kolkata. The total storage capacity of the country’s refineries and import terminals is over 80 days, he said.
This is just slightly more than when he had earlier mentioned 76-80 days this year. When the conflict in West Asia was distressing the world’s fuel supply chain, Puri stated that the country was not going to have any immediate fuel supply risk. He has said in March, during Lok Sabha that for the first time in history, the Strait of Hormuz had become effectively closed to commercial shipping.
Puri has stated that the buffer is based on several things. The reserves include used reserves for strategic crude stocks, refinery stocks and commercial stocks. India has also extended its import network to 41 countries and the UAE has also provided LPG cargoes during the disruption in the Hormuz. He has also indicated that such a closure is acceptable for this country if the strait remains closed for 30-60 days.
He always uses a “60-60-60” cushion. That translates to 60 days of crude oil, natural gas and LPG which he says is what India has now. Further gas input from Mozambique is also anticipated to provide further support to supply.
On the Kolkata platform, Puri also highlighted India’s increasing footprint on the global energy scene. India has become the third largest energy user and fourth largest refinery center in the world, he added. The Arab nation is playing a leading role in international energy talks with its BRICS chairmanship, International Solar Alliance and Global Biofuels Alliance, he said.
Hackman said that there have been no efforts to rule out threats from an extended crisis. Puri warned that it would make a considerable dent in the global economy if it turns into a prolonged conflict in West Asia but he believes that will lead to a decline in fuel prices. He has also cited past disturbances as examples of resilience. He added that India emerged from the Covid period and Russia-Ukraine conflict without taking the consumers under any distress of sharp price hikes.
India Energy Week is set against the backdrop of bringing together policymakers, leaders and investors from across the industry for a discussion on oil, gas and the energy transition.
