Stories
India Insulated from West Asia Energy Crisis, But Hormuz Disruption a Challenge: Puri
- •Union Petroleum Minister Hardeep Singh Puri stated India has largely shielded itself from crude oil and natural gas supply disruptions due to the West Asia crisis and Strait of Hormuz issues.
- •Puri highlighted that while there's no global crude oil shortage, logistics and distribution, especially through vulnerable routes like the Strait of Hormuz, pose significant challenges.
- •India has diversified its crude sourcing network to 41 countries from 27, reducing dependence on individual regions, particularly those near the conflict zone.
- •LPG availability is a major concern, with domestic connections increasing from 14 crore in 2014 to 33.5 crore; India has boosted LPG production to 54,000 metric tonnes daily.
- •The government is focused on fuel affordability, having reduced central excise duties on petrol and diesel three times, and will launch the GOBARdhan scheme on October 1 to convert organic waste into bioenergy.
Key Questions Answered
Union Petroleum Minister Hardeep Singh Puri stated that India has successfully shielded itself from major crude oil and natural gas supply disruptions by expanding its crude sourcing network from 27 to 41 countries.
The government has lowered central excise duties on petrol and diesel three times, with reductions occurring in November 2021, May 2022, and March 10, 2026, which most recently cut prices by Rs 10 per litre. Financial support has also been provided to public sector oil marketing companies facing under-recoveries.
The GOBARdhan scheme is a national circular bioenergy initiative with an outlay of Rs 23,731 crore designed to convert cattle dung, crop residue, and municipal organic waste into compressed biogas and organic manure, scheduled to be unveiled on October 1.
