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With international crude prices on a rise following the Ukraine crisis, the government of India said on Saturday that it is considering the release of some amount of strategic petroleum reserves to mitigate the market volatility and will take steps to ensure ongoing supplies at stable prices. It added that the Centre is closely monitoring the Ukraine crisis and potential supply disruptions that may arise.
“With a view to ensuring energy justice for its citizens and for just energy transition towards a net-zero future, India stands ready to take appropriate action for ensuring ongoing supplies at stable prices. India is also committed to supporting initiatives for releases from Strategic Petroleum Reserves, for mitigating market volatility and calming the rise in crude oil prices,” the ministry of petroleum said in a statement on Saturday. The price of Brent crude was seen at $97.93 a barrel.
India has three strategic reserves at present with a total capacity of 5.33 million tonne (MT) — Vishakhapatnam (1.33 MT), Mangaluru (1.5 MT) and Padur (2.5 MT) — operated by Indian Strategic Petroleum Reserve (ISPRL). India’s strategic capacity will be able to feed the country for 9.5 days.
“Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall out of the evolving geopolitical situation,” the ministry added.
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