New Delhi, March 13: Prime Minister Narendra Modi on Thursday said the government is taking all necessary measures to safeguard India’s energy security amid disruptions in global oil and gas supplies caused by the ongoing Iran conflict.
Addressing a media event, the Prime Minister said India has strengthened its energy resilience over the past decade through a holistic strategy aimed at improving self-reliance in the sector.
He highlighted the creation of Strategic Petroleum Reserves, noting that before 2014 India had negligible storage capacity. The country now has reserves of about 5.33 million metric tonnes, which can meet nearly 9.5 days of crude oil demand and serve as a buffer against short-term supply disruptions.
In addition, oil marketing companies maintain storage for crude oil and petroleum products for about 64.5 days, taking India’s total national storage capacity to around 74 days.
The Ministry of Petroleum and Natural Gas said the government is also ensuring uninterrupted fuel availability across the country, with around 50 lakh LPG cylinders delivered daily. Authorities have urged consumers to avoid panic booking.
Despite disruptions in shipping through the Strait of Hormuz, India continues to secure crude imports from more than 40 countries, with around 70% of supplies now arriving through alternative routes.
India consumes about 5.5 million barrels of oil per day and operates 22 refineries, making it the world’s fourth-largest refining hub. Several refineries are currently operating at very high capacity utilisation, in some cases exceeding 100%.
The government also said over one lakh retail fuel outlets across the country have adequate stock of petroleum products, ensuring supply stability during the ongoing geopolitical crisis.
