US supplies about 67% of India's LPG imports, reducing Gulf reliance: Hardeep Puri
Hardeep Puri noted that India is now the world's third-largest energy consumer and importer, and the fourth-largest refiner
Union Petroleum and Natural Gas Minister Hardeep Singh Puri addressed concerns at the 7th CII International Energy Conference, refuting allegations about a potential levy on cooking gas. He pointed out the media often spreads rumors without concrete evidence and emphasized the government's commitment to transparency. In response to rumors about ethanol-blended petrol, Puri indicated that testing of ethanol-blended petrol had commenced earlier than initially reported, with 2,000 samples collected daily from petrol stations across the country.
He clarified that only four contamination cases were found among India's 107,000 retail outlets, serving over six crore customers daily, showcasing the resilience of India's fuel retail network. Puri attributed this resilience to diversified crude sourcing, robust infrastructure, international partnerships, technological advancements, and strategic reserves, which currently hold around 74 days of capacity.
He emphasized India's position as the world's third-largest energy consumer and importer, and the fourth-largest refiner, with energy demand expanding at roughly three times the global average. Citing the International Energy Agency, Puri projected that India could contribute nearly 30% of the global increase in oil demand by 2050, contrasting this with declining refining capacity in Europe and the US.
Regarding LPG, he explained that initial Gulf supply concerns were alleviated by increasing domestic LPG production from 34,000 to 55,000 metric tonnes a day, partly by reconfiguring refinery output. Puri highlighted a collaboration between ONGC, Petrobras, and BP to revive production at Mumbai High, with the government providing up to 50% drilling cost support, up to 650 crore per well.
On fuel prices, Puri noted that global crude volatility had led to minor price increases for petrol and diesel, but excise duty cuts implemented by the central government over the past few years had kept retail fuel prices among the most affordable globally, surpassing neighboring countries and several European nations. He maintained a cautiously optimistic outlook, acknowledging global uncertainties but asserting India's preparedness to handle future challenges.
Written by urgent.news from Hindustan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
