Oil supply under control: Government tells panel India has 78 days of crude stock

New Delhi: Top officials from the Ministry of Petroleum and Natural Gas on Monday assured a parliamentary panel that the country holds sufficient crude oil stocks to last for the next 78 days, even as opposition members raised concerns over reported fuel shortages and long queues at petrol pumps in parts of the country.

The Parliamentary Standing Committee on Transport, Tourism and Culture, which met to discuss the implications of the ongoing West Asia crisis on India’s maritime trade, shipping infrastructure, and seafarer safety, heard detailed briefings from officials of the Petroleum, Shipping, and Fertilisers ministries.

Officials informed the panel that 13 Indian ships remained stranded in West Asia following the closure of the Strait of Hormuz. They noted that as many as 37 Indian vessels were stuck in the region in March.

Insurance premiums for cargo ships have also risen significantly due to the situation, officials said.

While acknowledging the uncertainty over when the conflict would end, petroleum ministry officials emphasised that the government had taken proactive steps to prevent any major shortage of fuel.

However, some opposition members questioned the officials over “long queues” and “rationing” of petrol and diesel at certain petrol pumps.

They also pointed out the absence of official data from the ministry on shortages and questioned why adequate corrective measures had not been taken in advance, given the prolonged nature of the West Asia crisis.

Members also raised issues related to rising oil and fertiliser prices and their impact on common people, pressing officials on the need for better advance planning.

On the fertiliser front, officials assured the committee that there was no shortage ahead of the Kharif sowing season.

The government has made alternative arrangements and procured around 80 lakh tonnes of fertilisers from other sources. Current demand stood at approximately 78 lakh tonnes, which is being fully met, they said.

After the meeting, Sanjay Jha, Chairperson of the Standing Committee, lauded the government’s handling of the crisis.

“You know that India has not done this; the whole world is facing [it], but the initiatives that have been taken... We also do not know how long this will continue; the government is addressing them... Things are in control at the moment,” Jha told reporters.