Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday said India’s crude supply position remains secure despite the ongoing crisis in West Asia and disruption of shipping through the Strait of Hormuz.
Speaking in the Lok Sabha, Puri said the world has not faced such a moment 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 that India, despite having no role in causing the West Asian conflict, must navigate through its consequences.
“Refineries operate at high utilization capacity. In some cases they exceed 100%. There is no shortage of gasoline, diesel, kerosene, ATF or fuel oil. The availability of gasoline, diesel, aviation, turbine fuel, kerosene and fuel oil is fully guaranteed…” he said.
Puri added that India has significantly diversified its sources of crude oil imports over the years, reducing its dependence on shipments passing through the Strait of Hormuz.
“Resources outside Hormuz have increased to approximately 70% of crude imports, from 55% before the conflict began. India’s resources increased from 40 countries compared to 27 in 2006 and 2007. This structural diversification built through consistent policy over successive years has given us opportunities that other nations find themselves in a high capacity. There is no shortage of gasoline, diesel, kerosene, ATF or fuel oil.
The minister also said that due to the Prime Minister’s diplomatic outreach, India has secured crude volumes in excess of what the interrupted Strait of Hormuz could have delivered during the same period.
