No shortage of oil, gas, no restrictions imposed: Govt

NEW DELHI: The government on Thursday ruled out imposing curbs on petrol and diesel sales, claiming there was no shortage of oil and gas and refineries were limiting additional imports.The Indian government calls India an “oasis of energy security” and supplies refined fuels to more than 150 countries, saying domestic supplies of gasoline and diesel are structurally guaranteed. “All retail fuel shops of over one lakh are operating and supplying fuel uninterrupted. No retail outlet has been asked to ration supply,” the statement said, adding that two months’ supply of oil and one month’s LPG requirement have been provided.“India’s petroleum and LPG supply situation is completely secure and controlled. There is no shortage of petrol, diesel or LPG anywhere in the country,” the Ministry of Petroleum said.The clarification comes amid global moves to curb fuel use and speculation that India may follow suit. Reports of shortages and rumors of a lockdown have led to long queues at petrol stations, but the ministry said these were isolated incidents caused by “deliberate misinformation”.The government said alternative arrangements have been put in place to offset reliance on imports, particularly from West Asia. India relies on imports for nearly 90% of its crude oil, 60% of its liquefied petroleum gas and more than half of its natural gas. Relative to the 74-day reserve capacity, the actual available time is approximately 60 days.“Regardless of what happens globally, every Indian citizen will have access to stable supply for nearly two months. Crude oil procurement for the next two months has also been secured,” the ministry said, adding that oil companies have also increased credit at petrol pumps from one day to three days to prevent disruptions.India has diversified its crude oil purchases to 41 countries, with increased production in the Western Hemisphere making up for any disruption in the Strait of Hormuz. Domestic LPG production has increased by 40% to 50,000 tonnes per day, meeting about 60% of demand, while 800,000 tonnes of inbound cargo is in transit. More than 5 million gas cylinders are distributed every day.The government says switching the LPG connection to Papua New Guinea is part of a strategy to move to cheaper fuels and began before the current situation.