India's Crude Oil Position Secured Amid West Asia Conflict
India's crude oil position is secure, Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured in Parliament on Wednesday. The minister said that despite having no role in causing the West Asia conflict, India has to navigate through its consequences.
The Strait of Hormuz has been effectively closed to commercial shipping for the first time in recorded history, but Puri stated that there is no shortage of petrol, diesel, kerosene, and Aviation Turbine Fuel in the country. Retail outlets across the country are stocked, and supply chains for these products are functioning normally.
The minister also said that refineries are operating at high capacity utilisation, with several exceeding 100% capacity. India's LPG production has been increased by 28% through refinery directives, and further procurement is currently underway.