Prime Minister Narendra Modi on Monday underlined that India has 5.3 million metric tonnes of strategic petroleum reserves and described the situation in West Asia as "worrisome", a development that has triggered a global energy crisis.

The conflict involving the United States, Israel, and Iran has now entered its 24th day as of March 23, with no clear indications of de-escalation.

Addressing the Lok Sabha amid the challenges posed by the conflict entering its fourth week, PM Modi outlined the steps the government has taken over the past 11 years to prioritise crude oil storage for times of crisis. He said that India currently maintains strategic petroleum reserves exceeding 5.3 million metric tonnes.

"India has strategic petroleum reserves of more than 5.3 million metric tonnes, and the country is working on arrangements for reserves of more than 6.5 million metric tonnes. In the past 11 years, there has also been a notable increase in our refinery capacity. The government is also in constant contact with suppliers from different countries. First, we used to import from 27 countries; now we do from 41 nations," PM Modi said, highlighting the global fuel shortages caused by the Strait of Hormuz shutdown.

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He also pointed out that the conflict has created "unprecedented challenges" due to the fact that the conflict was humanitarian as well.

"The situation in West Asia is worrisome. This conflict has been going on for more than three weeks. It has a severe impact on the global economy and the lives of the people, and that is why the world is urging all sides for an early resolution to this conflict," PM Modi said.

The Prime Minister further acknowledged that disruptions in the Strait of Hormuz have affected the movement of cargo ships. He detailed the government’s efforts to ensure that petrol, diesel, and gas supplies remain uninterrupted.

He emphasised that domestic LPG consumers have been prioritised amid supply uncertainties.

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"As we all know, the country imports 60 per cent of its LPG requirement. Due to uncertainty in supply, the government has prioritised domestic LPG consumers. At the same time, domestic production of LPG is also being increased. Continuous efforts have also been made to ensure that the supply of petrol and diesel across the country remains smooth. LPG production in the country is also being increased," he added.

India depends on imports for nearly 90 per cent of its crude oil, largely from Gulf nations. Rising tensions have driven oil prices sharply higher, weakening the rupee, expanding the current account deficit, and fuelling inflation.

The Middle East conflict started following the killing of 86-year-old Iran's Supreme Leader, Ayatollah Ali Khamenei, in joint military strikes by the US and Israel, after which Iran, in its retaliation, targeted Israeli and US assets in several Gulf countries and Israel, causing disruption in the waterway and affecting international energy markets and global economic stability since February 28.