LPG Hoarding Unnecessary, Union Minister Piyush Goyal Asserts Amid Stable Fuel Supplies

India's Fuel Supplies Remain Stable Amid Ongoing Conflict

Key Highlights

• India's fuel supplies remain stable despite disruptions caused by the ongoing conflict
• The government has taken precautionary steps to manage potential shortfalls in Liquefied Petroleum Gas (LPG)
• Supply of kerosene has been increased to mitigate any potential shortages

Energy Imports

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• India is diversifying its energy imports beyond the Middle East, sourcing crude from countries such as Canada, the United States, and Russia
• This diversification helps strengthen supply security, although shipping times may be longer
• India's robust reserves, equivalent to 12 months of crude oil, provide a cushion against potential disruptions

Trade Policy

• The government is engaging with exporters to mitigate the impact of supply chain disruptions due to the conflict
• The commerce ministry is preparing standard operating procedures (SOPs) to support exporters if shipments need to be returned or rerouted
• India remains committed to negotiations with the United States on a bilateral trade agreement (BTA)
• Nine free trade agreements signed in the past three-and-a-half years cover 38 economies, providing India with preferential access to a large portion of global trade

Ongoing Negotiations

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• Negotiations are currently underway with Israel and the Gulf Cooperation Council
• Discussions are ongoing with Chile and Peru
• Engagement with Mexico is expected to begin later this year