Prime Minister Narendra Modi sought to reassure the nation on Monday, asserting that India remains well-prepared to withstand the energy shocks triggered by the escalating conflict in West Asia. Addressing the Lok Sabha, the Prime Minister detailed the country’s defensive infrastructure, highlighting a strategic petroleum reserve of 5.3 million metric tonnes and a significantly broadened import network that now spans 41 countries— up from 27 just over a decade ago. He, further, revealed that plans are already in motion to expand these critical reserves to 6.5 million metric tonnes to bolster long-term resilience.
The Prime Minister’s statement comes at a time of acute global anxiety, with the Strait of Hormuz — a vital artery for 20 per cent of the world's oil and gas — effectively paralysed. Although Tehran has claimed the blockade is targeted specifically at the United States and its allies, maritime traffic has slowed to a trickle following reports of attacks on approximately 20 vessels. Thus, the global oil prices have crossed the $100 mark, with Iranian authorities threatening that the prices could rise as high as $200 if the standoff escalates.
Yet, PM Modi emphasised that the government’s decade-long efforts at diversification of energy supplies and refining capacity are now bearing fruit. He noted that India is in constant diplomatic contact with various global partners to maintain a steady flow of crude oil and gas. A particular priority has been placed on domestic needs, with the Prime Minister pointing out that 60 per cent of the country's LPG is imported and that household requirements will be shielded from any supply volatility.
While recognising the inherent risks involved in the closure of such a strategically important waterway, the Prime Minister of India assured that the strategic stockholding of India would continue to meet the country's needs. The focus of the administration is to ride through the price surge while protecting the common man from the impact of the disturbances in the region.
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