PM Modi chairs high-level meet to review oil, gas supply amid West Asia tensions

New Delhi: Prime Minister Narendra Modi on Sunday chaired a high-level meeting to review the situation in the petroleum, crude oil, gas, power, and fertiliser sectors, with a focus on ensuring uninterrupted supply and stable distribution amid the evolving crisis in West Asia.

The meeting focused on maintaining uninterrupted supply, ensuring stable logistics, and streamlining distribution systems across the country to prevent any disruption in essential services.

Officials briefed the Prime Minister on the current status of fuel availability and steps being taken to safeguard India’s energy security.

According to sources, the government is closely monitoring global developments and has taken proactive measures to ensure that consumers and industries are not affected by volatility in international markets.

Efforts are underway to maintain adequate reserves and strengthen supply chains amid rising geopolitical uncertainties.

The review comes at a time when global energy markets remain on edge due to the ongoing conflict in West Asia, a region that plays a crucial role in global oil and gas supplies.

Concerns have also been raised over disruptions in key shipping routes, particularly the Strait of Hormuz, which handles a significant share of global energy trade.

A day earlier, Prime Minister Modi spoke with Iran’s President Masoud Pezeshkian to discuss the regional situation and emphasised the need for peace and stability.

He also underlined the importance of keeping international shipping lanes open and secure, warning that any disruption could impact global supply chains.

To reduce dependence on the Middle East, India has diversified its oil and gas imports, increasing purchases from countries such as the United States, Russia, and African nations like Nigeria.

Officials said that nearly 70 per cent of India’s oil imports now come from sources outside the Gulf region.

The government has also stepped up efforts to manage LPG supplies, including sourcing liquefied petroleum gas from the US to address potential shortages.

While concerns over LPG availability persist, officials said there has been no disruption in supply at the consumer level, with online bookings rising significantly.

IANS