Union Petroleum Minister Hardeep Singh Puri said in Parliament on Thursday that there is sufficient availability of oil and gas in the country. He added that rumors have increased public panic, leading to a sudden increase in gas demand.

Hardeep Puri spoke on the shortage of gas and oil.

Middle East Tensions: Fears of a global oil crisis have intensified amid the ongoing conflict in West Asia. However, the Indian government has clarified that there is currently no shortage of oil and gas in the country and the supply remains normal. Union Petroleum Minister Hardeep Singh Puri said in Parliament on Thursday that there is adequate availability of oil and gas in the country. He said that due to rumours, panic has increased among the people, due to which the demand for gas has suddenly increased.

He also stated that commercial LPG cylinder supplies will resume today. Consumers in rural areas will be offered the option of re-booking within 45 days. According to the minister, India's refineries are operating at full capacity, or 100% production, and there is no need to panic.

Indian Oil's assurance

The country's leading oil company, Indian Oil Corporation, also issued a statement stating that it is working continuously to ensure uninterrupted fuel supply across the country. According to the company, all its fuel stations are operating normally, and there is an adequate supply of petrol and diesel. It also urged the public to rely only on reliable information and avoid rumors.

India's oil dependence

1. India imports approximately 80% of its total oil needs. Therefore, any instability in the global energy market could impact India.
2. Meanwhile, several steps have been taken to maintain global supply.
3. The United States has released 172 million barrels of crude oil from its Strategic Petroleum Reserve.
4. At the same time, the International Energy Agency (IEA) has said that its member countries will release 400 million barrels of oil into the market from their emergency reserves.
5. It is being reported that this is the sixth time since the 1973 Oil Crisis that this organization has taken such a step to keep the global oil supply stable.

Tensions in West Asia escalated on March 28th when Israel launched airstrikes on Iran. The conflict has now been going on for nearly two weeks. Experts believe that if this war continues for a long time, it could have a major impact on global oil supply and prices, which could impact the economies of many countries, including India.