India's crude oil and gas supplies remain secure despite global uncertainties due to the Iran war, and there is no need for panic buying of fuel or cooking gas, a senior official from the Ministry of Petroleum and Natural Gas said on Wednesday.
Joint Secretary Sujata Sharma said LPG consumers will receive their cylinders within about 2.5 days of booking, assuring that the supply chain remains stable.
"The Govt has absorbed the significant part of the cost increase to the increase to protect the consumers. As a temporary demand management measure, the minimum gap between LPG bookings has been increased from 21 days to 25 days," she added.
India's crude oil supply remains steady: Centre
She said the world is currently facing a challenging period, but the situation in India is under control. India’s crude oil supply remains steady, with the country consuming around 5.5 million barrels of oil per day. The country imports crude from about 40 nations, and two crude oil cargoes are currently en route to India.
India's total annual oil consumption stands at around 189 million metric tonnes, of which nearly 47 per cent of the supply is currently affected due to global disruptions. However, domestic supplies of piped natural gas and compressed natural gas for vehicles continue to remain fully available.
She also said that India's crude supply routes remain diversified. Nearly 70 per cent of the country’s crude imports come through routes other than the Strait of Hormuz.
"Our gas companies have procured LNG cargo from new sources. Two LNG cargo are on their way to India," Sharma said, adding that the government is closely monitoring the situation to ensure uninterrupted fuel availability.
LPG price rise in India
The strain on the supply chain has begun to reflect in domestic prices. On March 7, LPG prices were increased by Rs 60 across cities. In Delhi, a 14.2 kg domestic cylinder now costs Rs 913, while a 19 kg commercial cylinder costs about Rs 1,883 after a hike of more than Rs 110.
Authorities have prioritised domestic gas supplies for households, prompting eateries in cities such as Bengaluru, Mumbai and Gurugram to adjust their operations. Many restaurants have modified menus, reduced gas consumption and explored alternative cooking methods, including coal based tandoors, induction cookers and electric ovens.
