New Delhi, May 12
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said India is not facing any fuel supply shortage and has adequate reserves of crude oil, LNG, and LPG despite the ongoing tensions in West Asia. He also said the government has significantly increased LPG production to meet domestic demand.
Speaking at the CII Annual Business Summit in New Delhi, Puri said the country currently has crude oil and LNG reserves sufficient for 69 days, while LPG stocks are available for 45 days. He added that LPG production has been raised from nearly 35,000 to 36,000 tonnes per day, and then to 54,000 tonnes per day, amid the evolving geopolitical situation in West Asia.
The minister also supported Prime Minister Narendra Modi’s recent appeal for fuel conservation and restrained spending to reduce economic pressure arising from the international crisis.
Puri said the Prime Minister’s call for austerity should be viewed as an important reminder to adopt measures to reduce the fiscal burden caused by global instability and rising energy costs.
Earlier, Modi had urged citizens to use fuel judiciously and consider steps such as reducing petrol and diesel consumption, using public transport, carpooling, increasing the use of electric vehicles, and limiting unnecessary foreign expenditure.
He also appealed to people to postpone non essential gold purchases and foreign travel for a year in order to conserve foreign exchange reserves during the ongoing crisis in West Asia.
