Indian Govt Moves To Cushion Consumers Amid Soaring Oil Prices

(MENAFN- Khaleej Times) [Editor's Note: Follow Khaleej Times live blog amid US-Israel-Iran war for the latest regional developments.]

The Indian government is working to lessen the impact on consumers of the surge in international oil prices brought about by the ongoing US-Israel-Iran war.

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Global crude oil prices shot up by 20 per cent on Monday, breaching the $100-per-barrel mark. India, however, has about six to eight weeks of crude and fuel stocks, and though the country is dependent on the Strait of Hormuz for its imports, it is in touch with alternative suppliers in other parts of the world. It has increased sourcing from Russia, Africa and South America.

The Petroleum and Natural Gas Ministry recently set up a 24x7 control to monitor the supply and stock position of petroleum products across the country.“At present, the Government is reasonably comfortable in terms of stocks,” said the ministry in a statement.“Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation.”

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The government also continues with its balancing act of ensuring that state-owned retailers bear the losses when global prices rise and recoup the costs when prices fall.

India also got a 30-day waiver from the US for importing Russian oil.“We have reached out to our friends in India to buy stored Russian oil,” US energy secretary Chris Wright, told the media.“That pulls oil into Indian refineries and releases pressure on other global refineries to buy oil that is not competing with Indians in the marketplace.”

The Indian government has denied charges that the US sanctions on imports from Russia define India's policy. A government official was quoted in the media as saying that no petrol pump in India has run dry over the past 12 years.

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