LPG Shortage: PM Modi Asks Ministers To Ensure Indian Consumers Do Not Suffer Due To Conflict

(MENAFN- Live Mint) Prime Minister Narendra Modi on Tuesday, 10 March, held a meeting with senior cabinet colleagues and asked them to ensure Indian consumers do not suffer due to the impact of the conflict between the United States, Israel and Iran on the supply and price of petroleum products, news agency PTI reported.

Amid rising tensions in West Asia following US and Israeli strikes on Iran, oil prices have jumped significantly, fueling concerns of potential shortages of petroleum products, including Liquefied Petroleum Gas (LPG), in India.

Sources said that Prime Minister Modi has been proactive in ensuring that Indian consumers do not bear the brunt of higher petroleum prices, as India is a net importer of crude oil and natural gas.

The sources reportedly also quote the prime minister as telling the ministers to work in coordination and ensure that there is no shortage of petroleum products and LPG.

Who did the prime minister meet?

According to the reports, PM Narendra Modi met External Affairs Minister (EAM) S Jaishankar, Oil Minister Hardeep Singh Puri, Finance Minister Nirmala Sitharaman and Commerce Minister Piyush Goyal. During the meeting with the Union minister, PM Modi discussed the country's energy situation.

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The sources said India, which sources a lot of its energy products from West Asia, has now diversified its procurement to other countries as well, sourcing from the US, Russia, Venezuela, Australia, and other Oceanic countries.

Amid the West Asia crisis, India has announced that LPG, CNG, and piped cooking gas will be given priority over all other natural gas users, as the government adjusts allocations to ensure uninterrupted supply for households and the transport sector.

The West Asia conflict, which has widened to involve as many as seven more countries in the Middle East, has disrupted up to 30% of India's gas supply. As a result, the oil ministry ordered, through a gazette notification, that available gas be diverted from non-priority sectors to key users.

Also Read | Why Indian restaurants are raising the alarm over LPG supply

India meets ​half of its 191 million standard ​cubic metres per day (mmscmd) of gas consumption through imports. With the stalling of tanker movement through the Strait of Hormuz, ​about 60 mmscmd gas from the Middle East ​has been disrupted.

The remaining liquefied natural gas (LNG) has been reprioritised to meet 100% of the demand of LPG production, CNG and piped cooking gas (PNG), 80% of commercial users of the fuel and 70% of fertiliser unit needs.

(With inputs from agencies)

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