New Delhi, March 22: Prime Minister Narendra Modi will chair a high-level meeting on Sunday evening to assess the situation concerning petroleum products, crude oil, power, and fertilizers, amidst the escalating conflict in West Asia, sources confirmed.
The meeting, which will include senior ministers, will primarily focus on ensuring a consistent supply, stable logistics, and effective distribution of petroleum products throughout India. The government is taking proactive measures to protect energy security and ensure adequate availability, with constant monitoring of global developments to safeguard both consumer and industry interests, a senior official stated.
On Saturday, PM Modi held a conversation with Iran’s President Masoud Pezeshkian to discuss regional issues and strengthen bilateral ties. Both leaders expressed hope that the ongoing festive season would bring peace, stability, and prosperity to the West Asian region.
Condemning recent attacks on critical infrastructure, PM Modi emphasized that such actions pose a threat to regional stability and disrupt essential global supply chains. He underscored the importance of safeguarding the freedom of navigation and ensuring that international shipping lanes remain open and secure. Additionally, the Prime Minister expressed gratitude to Iran for its ongoing support in securing the safety of Indian nationals residing in the country.
Amid concerns over a potential LPG shortage, the government has taken steps to diversify imports by purchasing liquefied petroleum gas (LPG) from the United States, aiming to mitigate the supply disruptions caused by the Middle East conflict.
India has also broadened its oil and gas import sources beyond the Middle East, especially after the closure of the Strait of Hormuz, through which 20% of the world’s oil and gas exports pass. As a result, 70% of India’s oil imports now come from nations outside the Gulf, including the US, Russia, and African countries like Nigeria.
While the LPG situation remains a concern due to the ongoing war, there have been no reported shortages at any LPG distributorships. In fact, online LPG bookings have surged to 94%, according to senior officials. Refinery operations and the crude oil situation in the country are reported to be stable.
Domestic PNG (Piped Natural Gas) and CNG (Compressed Natural Gas) supplies are being maintained at full capacity. Consumers have also been encouraged to shift from LPG to PNG.
The Centre has directed all states to take stringent actions to prevent black marketing and hoarding, with raids currently underway against black marketers.
