Middle east conflict: No need for worry over availability of petroleum products, says Kishan Reddy

Hyderabad, Mar 3 (PTI) Union Coal and Mines Minister G Kishan Reddy on Tuesday said citizens need not worry about availability of petroleum products in the country due to the ongoing armed conflict in West Asia.

In a statement here, he said the country is prepared to face the circumstances arising out of the crisis.

India is the fourth largest refiner and fifth largest exporter of petroleum products globally. Though the country is the third largest importer of petroleum products, it does not face any immediate trouble, he said about the US-Israel attack on Iran and its retaliation targeting some west Asian countries.

Adequate crude oil stocks and petroleum products such as petrol, diesel and ATF (Aviation Turbine Fuel) are available in the country, he said.

Observing that Prime Minister Narendra Modi-led government has been giving importance to fuel security since it assumed office, he said the government has made special focus on increasing strategic petroleum reserves (Mangaluru, Padur and Visakhapatnam) and also domestic fuel production and ethanol blending.

Because of this, the government has made available petroleum products to the people of the country since the last several years and also took steps to see that prices does not rise due to international situation, he said.

Earlier, oil used to be imported from Gulf countries. But, the Centre is focused on buying oil from multiple countries "strategically", he said.

The country's oil firms are importing oil products through different routes instead of the Strait of Hormuz (now closed by Iran), Reddy said.

Therefore, Indians need not worry about the situation in West Asia as adequate stocks are available as per the country's requirements, he said.

There are no hiccups as well in importing as per the country's needs. "There is no question of petrol scarcity arising in the country due to the steps taken by the Narendra Modi government," he said.

The Centre has set up a multi-ministerial team, comprising Ministry of External Affairs, Shipping, Petroleum, Central Board of Direct Taxes (CBDT) and Department of Financial Services to monitor the country's exports and imports in view of the latest situation, he said.

Additionally, the Petroleum Ministry is supervising supply of petroleum products and the stocks by setting up a 24x7 control room, he added.

Reddy asserted that the Modi government would not compromise on safeguarding the interests of consumers, adding that the Centre is alert to take appropriate steps by continuously monitoring the situation. PTI SJR SJR SA