India Maintains 78 Days of Crude Stock Amid LPG Assurance, Says Government
India has 78 days of crude stock, no shortage of LPG: Govt to parliament panel
Image: The Times Of India
The Indian government confirmed it has 78 days of crude oil stock and no shortage of LPG during a parliamentary panel meeting. Disruptions in the Strait of Hormuz have stranded 37 ships, affecting maritime trade and Indian seafarers in the region.
- 01The Indian Petroleum Ministry reported a crude oil stock sufficient for 78 days.
- 02There is no shortage of liquefied petroleum gas (LPG) in India, despite reports of long queues at fuel stations.
- 0337 ships bound for India are currently stranded in the Persian Gulf due to disruptions in the Strait of Hormuz.
- 04Insurance premiums for cargo ships have surged, with container premiums rising up to 100 times due to the ongoing crisis in West Asia.
- 05Around 18,000 Indian seafarers are in the Persian Gulf, with 11,000 in areas west of the Strait of Hormuz.
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During a recent parliamentary panel meeting, officials from India's Petroleum Ministry reassured members that the country has a crude oil stock that can last for 78 days and confirmed there is no shortage of liquefied petroleum gas (LPG). This statement came in response to concerns raised about long queues at fuel stations in various regions. The panel, chaired by Sanjay Jha from the Janata Dal (United), also discussed the implications of the ongoing crisis in West Asia on maritime trade and the safety of Indian seafarers. Officials revealed that 37 ships bound for India are currently stranded in the Persian Gulf due to disruptions in the Strait of Hormuz, with the potential for evacuation in 5-6 days once normal shipping operations resume. Additionally, insurance costs for cargo vessels have increased significantly, causing challenges for shipping operations. Jha praised the government's efforts to manage the situation, acknowledging the global nature of the crisis while emphasizing that India is taking proactive measures to address these challenges.
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The assurance of sufficient crude stock and LPG supply helps stabilize fuel availability in India, alleviating concerns among consumers.
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