Amid rising concerns over fuel supply linked to the ongoing West Asia conflict, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday assured that India has sufficient fuel reserves. He stated that there is no immediate supply concern, and the government is closely monitoring the situation to protect consumers and maintain energy security.

Hardeep Puri Says 'No Supply Issue'

Addressing the Confederation of Indian Industry (CII) summit in Delhi, Puri said there is no fuel supply issue in the country and highlighted that LPG production has been increased from 35,000-36,000 tonnes per day to 54,000 tonnes per day. He added that India currently has 69 days of crude oil and LNG stocks, along with 45 days of LPG reserves. “There is no supply issue, have 69 days of crude oil, LNG stock and 45 days of LPG stock,” Puri said.

The petroleum minister also asserted that Prime Minister Narendra Modi’s recent appeal on fuel conservation was a “visionary statement” made in view of growing geopolitical tensions and economic pressure. “The PM has given a visionary statement. If this war continues, we will have to take measures to contain fiscal strain,” he added.

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He also expressed concern over the financial burden on oil marketing companies (OMCs). He Puri said they are absorbing losses to shield consumers from rising fuel prices. “How long OMCs will be able to take it, it worries me. The rate at which we are going, losses being incurred may wipe out entire profits of last year…They are taking losses to insulate consumers,” Puri said.

India Never Imported LNG From Russia, Says Puri

Puri also maintained that India has never imported liquefied natural gas from Russia. He further said the government has handled the situation responsibly and ensured uninterrupted fuel availability. “We have managed the crisis with a sense of responsibility. There’s no dry out anywhere. We have restored gas supplies to almost all sectors,” Puri stated.

A report by Reuters also noted that India has further declined Russia’s offer to sell it liquefied natural gas subject to US sanctions. This move has reportedly left an LNG cargo from Russia's US sanctioned Portovaya ⁠plant in the Baltic Sea stranded in sea, unable to offload its cargo. According to one of the sources, the vessel had earlier listed its destination as India. However, the vessel is now said to be near Singaporean waters with no destination mentioned.

The report further added that India had conveyed its decision to not buy LNG that was under sanction to Russia’s Deputy Energy Minister Pavel Sorokin during his April 30 visit. During his visit, Sorokin had met Puri and other Indian officials.

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