India has over 53 lakh metric tonnes of oil in its strategic reserve: PM Modi

PRime government minister Narendra Modi on mon said bharat has sir thomas more than 53 lakh metrical tonnes of strategic petroleum reserves adding that the country is also working on arrangements for more than 65 million metric tonnes of additional storage.“India has more than 53 lakh metric tonnes of oil in its strategic reserve. We have increased our refining capacities. We are in touch with other countries to ensure supply from wherever possible. We are keeping a watch on the shipping routes near the gulf region. Our effort is to ensure that ships carrying oil, gas, fertilisers and other important goods should reach India safely,” he said.In a statement in Lok Sabha, PM Modi assured that the government is “relentlessly trying to minimise the impact of the war on India” and that farmers will not be allowed to bear the “burden of global crisis”.PM Modi said the adverse impact of this situation due to this war “is likely to stay for a long time” while calling upon the nation to remain ready and united, as it was during the Covid pandemic.Also Read: Why PM Modi praised E20 petrol focus of his govt amid oil crisis triggered by West Asia war“As far as diplomacy is concerned, India’s standing has been very clear. From the beginning, we had expressed our deep concern on this conflict. I spoke to all leaders of West Asia and urged everyone to reduce tension and end this conflict. We have opposed attacks on people, transport and energy. Attacks on commercial ships and obstructions in the Hormuz strait are unacceptable.”“Amid this war, India is trying to secure the movement of its ships through diplomacy. We have always raised our voice for humanity and peace. I repeat that talks and diplomacy are the only way to end the problem. All our efforts are aimed towards reducing tension and ending this war. In this war, threat to any life is not in favour of humanity. India wants a peaceful resolution at the earliest,” the PM said, in his first parliamentary statement on the Iran war.PM Modi maintained that the war has led to “unexpected challenges before India in terms of economic situation, national security and humanity.”“The difficult situation that has arisen due to this war. Its adverse impact is likely to stay for a long time. We have to be ready and united. During the epidemic, we remained united”, he added.“India has a major trade relationship with countries involved in the war and with those affected by the war. A large part of our demand for oil and gas comes from this region. Nearly one crore Indians live and work in the Gulf region. A number of Indian sailors are also present in the commercial ships that sail in that region. The situation is worrisome. It is now more than three weeks. It has a negative impact on the world economy and the lives of the people,” PM said.The PM said that after the war started, the movement of crude oil, gas and fertilisers through the Hormuz Strait has become very challenging.“It has been our effort to ensure that the supply of petrol and cooking gas doesn’t get majorly affected. We all know that we import 60% of our required LPG. Due to uncertainties in the supply, the government has prioritised the domestic supply of LPG. We are also increasing the production of LPG in the country. We have worked to ensure smooth supply patrol and diesel,” he said.Modi also pointed out how in the past ten years, the efforts for energy security have become more relevant.The PM mentioned how 20% ethanol blending resulted in import of 4.5 crore barrels less oil annually.The PM reiterated that the government is relentlessly trying to minimise the impact of the war on India.“We know that energy is the backbone of the economy. And one of the biggest sources of global energy is from west Asia. Naturally, global economies have been affected by the current situation. We are relentlessly trying to minimise the impact on India. The government is working on short, medium and long term strategies. Today the fundamentals of the Indian economy are strong— a great help for the country. We are consulting stakeholders from all sectors and wherever read, we are giving support,” he added.The House was also informed about the setting up of an inter-ministerial group, daily meeting and round the clock measures.He also informed that he had spoken to all leaders of west Asia and secured assurance for the well being of Indians.“All our missions are working relentlessly for Indians living there or tourists. 24X7 control rooms and emergency help lines have been set up. In times of crisis, our top priority has always been the security of Indians. Till date, 3.75 lakh Indians have returned. From Iran alone, more than 1,000 people, including 700 medical students have returned safely. CBSE has stalled the exams in schools for students abroad,” Modi said.