New Delhi: India’s crude inventory is adequate, and all necessary arrangements have been made to ensure sufficient crude supply for the next two months, the government said on Wednesday.
Petroleum and Natural Gas Ministry’s Joint Secretary, Marketing and Refinery, Sujata Sharma, said all refineries are operating at optimal capacity, and no instances of fuel shortages have been reported at retail outlets.
“I would also like to highlight that about two months ago, Brent crude was trading in the range of around $70 per barrel, whereas today, it has crossed $100 per barrel. Despite this increase, there has been no rise in petrol and diesel prices for domestic consumers,” she said during the inter-ministerial briefing here.
Oil marketing companies (OMCs) are facing under recoveries on sales of petrol and diesel, she added.
On LPG, Sharma said that deliveries remain normal.
“Our LPG import dependency is around 60 per cent. Compared to last month, international prices, particularly the Saudi CP benchmark, have seen a significant increase, rising from $522 to $780, which is an increase of about 44 per cent. Despite this, there has been no increase in LPG cylinder prices for domestic consumers,” Sharma said.
Meanwhile, the government has also taken several key steps to expand the PNG network, and 3.3 lakh new PNG connections were given in March. A hundred per cent supply of natural gas has been ensured for domestic consumers as well as the compressed natural gas (CNG) transport sector.
Earlier in the day, the Ministry of Petroleum and Natural Gas clarified that only the price of commercial LPG has been increased in the country, while that of domestic LPG has been left unchanged to protect households from the sharp rise in the cost at which the cooking gas is being imported amid disruptions due to the Iran war.
It further stated that at current prices, the public sector oil marketing companies are incurring an under-recovery of Rs 380 per cylinder.
(IANS)
