Relief amid Middle East tension, petrol and diesel will not be expensive at present, 25 days oil reserves are safe.

Despite rising tensions in the Middle East and fears of a crisis at the Strait of Hormuz India At present the situation is said to be under control (Petrol Diesel Price). According to government sources, the country has about 25 days of crude oil and refined fuel stock available. In such a situation, there is no plan to increase the prices of petrol and diesel immediately.

20% of global oil supply passes through Hormuz

The Strait of Hormuz is one of the world’s most important energy routes. Globally, about 20 percent of crude oil passes through this route. There has been movement in the international market (Petrol Diesel Price) after Iran’s warning to shut it down, but India has started preparing for alternative supply sources.

What is India’s import dependence?

India imports about 88 to 90 percent of its crude oil needs. Major suppliers include Russia, Saudi Arabia, Iraq, UAE and the US. If needed, India can also import from other producing countries.

What is the government’s strategy?

Looking for alternative supply sources

Use of strategic petroleum reserves

Diversification in imports of LPG and LNG

Maintaining price stability in the domestic market

Sources say that at present the prices of petrol and diesel in the country will remain stable (Petrol Diesel Price). The government is constantly monitoring the market situation and is prepared to take immediate decisions if needed.

The geopolitical crisis in the Middle East has definitely affected the global oil market, but due to India’s sufficient reserves and diverse import sources, common consumers seem to be getting relief at the moment.