India’s oil ministry has instructed fuel retailers to maintain 30-day LPG reserves as the country grapples with rising concerns over global energy supply chains.
The move comes after a three-month-long conflict in West Asia disrupted energy supply chains, affecting India’s energy imports from the Gulf region.
According to sources, the Indian oil ministry is concerned about potential shortages of liquefied petroleum gas (LPG) in the country due to the ongoing tensions in the Middle East.
The government is urging fuel retailers to increase their LPG storage capacity to ensure a stable supply of the fuel to consumers.
Indian Oil Corporation Limited (IOC), the country’s largest oil retailer, has already announced plans to enhance its LPG storage facilities across the country.
The IOC said in a statement that it is taking proactive steps to strengthen its LPG distribution network and ensure uninterrupted supply of the fuel to consumers.
Industry insiders say that the move is a response to concerns over potential disruptions to global energy supplies due to the ongoing conflict in West Asia.
The conflict has affected the production and export of crude oil from major oil-producing countries in the region, including Saudi Arabia, Iraq, and Iran.
This has led to an increase in oil prices globally, making it challenging for India to maintain its energy imports from the Gulf region at affordable prices.
As a result, Indian consumers are facing a rising cost of living, with inflation rates accelerating due to higher fuel prices.
The government is also working on diversifying its energy sources to reduce dependence on imported fuels and enhance energy security.
Experts say that the current situation highlights the need for India to strengthen its energy infrastructure and develop alternative energy sources to ensure a stable supply of energy.
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