Fact Check: Does India Have 'Only 5-10 Days Of Oil Reserves Left' Amid West Asia Conflict? Govt Clarifies

(MENAFN- Live Mint) As the West Asia conflict continues amid Strait of Hormuz disruptions, many on social media claimed that India has only“5-10 days of oil reserves left”. However, the central government on Saturday clarified that this is false, stating that the country has a total reserve capacity of around 74 days, with the current stock covering nearly 60 days.

It asserted that there is no shortage of petrol, diesel, or LPG anywhere in the country.“The fuel supply situation remains stable, secure, and continuously monitored,” the government said through Press Information Bureau (PIB), central government's nodal agency.

It stated,“India maintains a total reserve capacity of approximately 74 days, with the current stock cover at around 60 days. This includes crude oil, petroleum products, and strategic reserves stored in underground caverns, ensuring nearly two months of assured fuel availability nationwide.”

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It urged citizens to remain calm and depend solely on verified updates from official government sources regarding the availability of fuel and gas.

West Asia conflict

The conflict in West Asia began on February 28 with joint strikes by Israel and the United States on Iran, resulting in the death of Supreme Leader Ayatollah Ali Khamenei. Iran's retaliation subsequently expanded the scope of the conflict, impacting neighbouring countries in the region. As global crude oil prices surged, the Centre moved to reduce excise duties on petrol and diesel.

India relies heavily on imports, sourcing around 88 per cent of its crude oil, 50 per cent of its natural gas, and 60 per cent of its LPG from abroad. Prior to the outbreak of the conflict, over half of India's crude oil imports came from countries such as Saudi Arabia, Iraq, and the UAE, all of which depend on the Strait of Hormuz for shipments, according to PTI.

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Nearly 85–95 per cent of LPG and about 30 per cent of gas supplies also passed through the strait.

New Delhi on Friday renewed its urgent appeal to ensure safe and uninterrupted maritime movement through the Strait of Hormuz, stressing the importance of adhering to international law amid the worsening security situation in West Asia. The government said it is closely monitoring regional tensions to safeguard the country's energy interests.

"We are closely following all developments in West Asia. We continue to call for ensuring safe and free navigation through the Strait of Hormuz as a matter of priority," Jaiswal said.

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At the weekly media briefing, Ministry of External Affairs spokesperson Randhir Jaiswal said that New Delhi is actively engaging with global partners to maintain stability.

Indian LPG vessel reaches Gujarat after crossing Hormuz

A shipment of 47,000 metric tonnes of liquefied petroleum gas (LPG) reached the Vadinar Terminal at DPA Kandla in Jamnagar, Gujarat, on Saturday.

The vessel, MT Jag Vasant, will transfer its cargo to another ship at anchorage through a ship-to-ship (STS) operation. Indian Navy warships were kept on standby to assist the merchant vessels, sources told ANI, adding that more such shipments are expected in the coming days.

Earlier, during a joint inter-ministerial briefing, Rajesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping and Waterways, said authorities are closely tracking the situation and coordinating with various stakeholders.

"In the Gulf region, there has been no information in the last 24 hours regarding any incident involving Indian-flagged ships or Indian seafarers. All are safe," Sinha mentioned.

(With inputs from agencies)

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