PM Modi In Lok Sabha | “India Has Over 53 Lakh Metric Tonnes Of Strategic Oil Reserves”

Prime Minister Modi spoke about the disruption in cargo movement through the Strait of Hormuz, which has emerged as a geopolitical pressure point after Iran blocked ships’ movement through the Strait. The Strait of Hormuz is the transit route for 20 per cent of global oil supplies and its blockade has led to energy security concerns in Asian markets such as China and India. “It is a challenge for cargo movement through the Strait of Hormuz from the start of the war. Despite this, our government is ensuring that gas and fuel supplies remain least affected. We all know that India imports 60 per cent of its LPG requirement. Due to uncertain supply, the government is prioritising domestic supply. LPG production in the country is also being increased,” the Prime Minister said. He then detailed the steps the government has been taking to reduce its energy dependency. The production of LPG, he said, had been stepped up and the Centre has worked on diversification of energy sources. India, he said, now imports fuel from 41 countries, reducing its dependence on a single source.