New Delhi: Amid growing uncertainty in global energy markets triggered by the ongoing conflict in West Asia, India has moved swiftly to secure alternative sources of crude oil and liquefied petroleum gas (LPG) to safeguard domestic supply.
Industry sources indicated that negotiations are being fast-tracked with multiple suppliers, including Russia and the United States, with a focus on finalising deals that align with India’s economic priorities. The diversification push comes as disruptions in the Strait of Hormuz—a crucial global oil transit route—have tightened supply and pushed prices higher.
The Strait of Hormuz, through which a significant portion of the world’s crude oil is transported, is particularly vital for India, accounting for nearly 40 per cent of its daily oil imports. Recent tensions have led to restrictions in tanker movement, complicating supply logistics.
To offset the shortfall, India has resumed limited procurement of Russian crude under temporary permissions granted by Washington. Reports suggest that substantial volumes have already been secured for delivery in the coming weeks.
Despite global volatility, the government has reassured that there is no immediate risk to fuel availability. According to Suresh Gopi, the country’s strategic petroleum reserves and commercial stocks together provide a buffer of over two months.
Prime Minister Narendra Modi also highlighted the country’s long-term strategy of expanding its supplier base, noting that India now imports energy from over 40 nations, compared to fewer than 30 earlier.
On the LPG front, authorities have stepped up domestic production and taken measures to stabilise supply for households, even as reports of shortages in the commercial segment surfaced in some regions.
Global analysts, however, caution that temporary waivers and alternative sourcing may not fully offset prolonged disruptions, especially if tensions in the Middle East persist and impact key infrastructure and shipping routes.
As the situation evolves, India’s proactive approach reflects efforts to balance energy security with market realities in an increasingly volatile geopolitical landscape.
