India's Oil Minister Assures No Fuel Shortage Amid Increased LPG Production
Oil Minister Puri rules out fuel shortage as LPG production raised sharply
Business Standard
Image: Business Standard
Oil Minister Hardeep Singh Puri confirmed that India is not facing a fuel shortage, with LPG production increasing from 35,000-36,000 tonnes/day to 54,000 tonnes. He emphasized the importance of austerity measures proposed by Prime Minister Narendra Modi to mitigate fiscal pressures stemming from the ongoing conflict in West Asia.
- 01LPG production has increased significantly to ensure supply stability.
- 02India has sufficient crude oil and LNG stock for 69 days and LPG stock for 45 days.
- 03Prime Minister Modi's austerity measures aim to strengthen the economy during the West Asia crisis.
- 04The government encourages reduced fuel consumption and alternative transport methods.
- 05Public urged to postpone non-essential purchases like gold and foreign travel.
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Oil Minister Hardeep Singh Puri addressed concerns over fuel supply, stating that the government has increased liquefied petroleum gas (LPG) production from 35,000-36,000 tonnes per day to 54,000 tonnes to counter any potential shortages amid the ongoing conflict in West Asia. He reassured that India possesses 69 days of crude oil and liquefied natural gas (LNG) stock, along with 45 days of LPG stock. During the CII Annual Business Summit, Puri highlighted Prime Minister Narendra Modi's recent call for austerity as a crucial response to the fiscal strain caused by the geopolitical crisis. Modi's recommendations include reducing petrol and diesel consumption, utilizing metro rail services, carpooling, and increasing the use of electric vehicles (EVs). He also suggested postponing gold purchases and foreign travel for a year to conserve foreign exchange. These measures are intended to bolster the economy in light of the challenges posed by the conflict in West Asia.
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The increase in LPG production ensures that households and businesses will have a stable supply of fuel, potentially preventing price hikes and shortages.
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