'About 70% of crude imports coming now from non-Hormuz routes': Oil Ministry says no need for panic

Amid the ongoing West Asia conflict, a senior Oil Ministry official on Wednesday said that there is no need for panic booking of LPG cylinders, and that the normal delivery cycle of two-and-a-half days is being maintained.

India's crude oil supplies remain secure, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, told reporters at a briefing.

"We import almost 60 % of our LPG and most of it, almost 90 % comes from the Strait of Hormuz. It's a difficult situation, but the government is making every effort to ensure that the supply to the domestic consumers is ensured...We deliver almost 50 lakh cylinders on a daily basis. On the distribution side, no dry out has been reported. But there is a manifold increase in bookings because of the panic. We urge the citizens to avoid panic booking...State governments have been requested to identify the list of beneficiaries so that the delivery of the cylinder, commercial cylinder, can be made on a priority basis..."

"India's crude supply remains secure. Our daily consumption is about 55 lakh barrels...through diversified procurement, the volumes we have secured today exceed what would normally have arrived through the Strait of Hormuz during this period," she said.

India imports crude from nearly 40 countries.

The oil marketing companies have secured various crude cargoes from different sources, and as a result of this diversification, about 70 per cent of India's crude imports are now coming from routes outside the Strait of Hormuz, compared with about 55 per cent earlier, she added.

"As I speak to you today, about two LNG cargoes are headed for India, and they will arrive within a few days, which will further strengthen the crude supply position in the country," Sharma said.

With agency inputs