India has 2 months of crude oil stock, no dry outs reported: Govt

The Union Ministry of Petroleum and Natural Gas on Wednesday said that India has a stock of crude oil for 2 months. Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, added that refineries are operating at optimal capacity and no instances of fuel shortages have been reported at retail outlets. 

She said, "As you are all aware, our crude inventory is sufficient, and the Government of India has made arrangements to ensure adequate crude supply for the next two months. Our refineries are operating at optimal capacity, and no instances of fuel shortages have been reported at retail outlets."

Sharma said that despite the increase in Brent crude prices, there has been no rise in petrol and diesel prices for domestic consumers. 

DON'T MISS | ‘Phased price hikes are imminent’: OMC sources after increase in ATF, commercial LPG rates

"In this context, I would also like to highlight that about two months ago, Brent crude was trading in the range of around $70 per barrel, whereas today it has crossed $100 per barrel. Despite this increase, there has been no rise in petrol and diesel prices for domestic consumers.”

Furthermore, she said that the government has ensured 100 per cent supply for domestic consumers as well as the CNG transport sector. She added that several important steps have been taken to expand the PNG network. 

DON'T MISS | Your vehicles will get a new petrol from today, what you need to know

Commenting on LPG supply concerns, Sharma noted, "Regarding LPG, I would like to inform you that our import dependency is around 60%. Compared to last month, international prices, particularly the Saudi CP benchmark, have seen a significant increase, rising from $522 to $780, which is an increase of about 44%. Despite this, there has been no increase in LPG cylinder prices for domestic consumers.”

No dry outs have been reported at LPG distributors, she said, adding that 92 per cent bookings are happening online for domestic LPG and 60 lakh deliveries were done yesterday.

She also mentioned that no dry outs of petrol and diesel have been reported, while urging citizens to avoid panic buying.