Union Petroleum Minister Hardeep Singh Puri reviewed crude oil and LPG supplies amid escalating tensions in West Asia, with the Ministry of Petroleum and Natural Gas assuring that availability and affordability of petroleum products will be maintained
Union Petroleum and Natural Gas Minister Hardeep Puri. Pic/X
Union Petroleum and Natural Gas Minister Hardeep Puri on Monday reviewed the supply situation for crude oil, LPG, and other petroleum products with senior officials from the Ministry and PSUs, amid tensions in West Asia.
The Petroleum Ministry has said it is continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure the availability and affordability of major petroleum products in the country.
India is a major importer of crude oil and natural gas from West Asian countries.
"We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country," the Ministry of Petroleum and Natural Gas said in a post on X.
Moreover, the Department of Commerce, Ministry of Commerce and Industry, held a stakeholder consultation with all stakeholder ministries, key logistics and trade facilitation partners to review the emerging geo-political situation in West Asia and its potential impact on India's export-import cargo flows, including the export ecosystem.
According to the Ministry of Commerce and Industry, the meeting was chaired by Special Secretary, Department of Commerce, Suchindra Misra and Lav Agarwal, Director General of Foreign Trade (DGFT).
The meeting was attended by representatives from logistics operators and shipping lines/forwarders, Central Board of Indirect Taxes and Customs, Department of Financial Services, Ministry of Petroleum and Natural Gas, Ministry of Ports, Shipping and Waterways, the Reserve Bank of India, export promotion ecosystem and other concerned agencies.
Stakeholders presented an assessment of the evolving operational environment, including routing and transit-time changes, vessel scheduling adjustments, container/equipment availability, freight and insurance cost trends, and implications for time-sensitive exports.
"The discussions covered the need to maintain predictability in cargo movement, minimise avoidable delays, and ensure seamless documentation and payment processes for exporters and importers," the Commerce Ministry said in a statement.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
