No reason to panic, but follow PM’s energy pointers: Govt | India News
New Delhi: A day later, the Prime Minister Modi Charting a list of “resolutions” to conserve energy and save foreign exchange, the government on Monday urged people to remain calm and avoid panic, saying the country had sufficient oil supplies and that strong steps were being taken to prevent shortages and supply chain disruptions.Defense Minister Rajnath Singh, chairing a meeting of the Informal Ministers on Development of West Asia (IGOM), said, “The government’s primary focus is to maintain uninterrupted energy flow, maintain economic stability and secure maritime trade routes”.At the CII’s annual meeting, Petroleum Secretary Neeraj Mittal said there was no need for fuel rationing or panic buying, even as he urged people to follow the Prime Minister’s guidelines.Modi doubled down on his appeal on Monday and advised schools to temporarily consider online classes. “First came Covid-19, then global economic challenges, and now tensions are rising in West Asia. The impact of this situation is constantly being felt across the world, and India is certainly not exempt from it,” he said in Vadodara. “Through every small and big effort, we must reduce the consumption of imported goods and refrain from private activities involving the expenditure of foreign exchange.”
‘Conservation efforts aim to increase capacity for the long term’
Echoing the message, Mittal said, “In times of crisis, we have to remind ourselves that these fuels are expensive. If we can conserve them, it will save dollars. This money can go to some development programs that are productive for the nation instead of being wasted.”He added, “There is adequate supply. There is no rationing in place. This will not happen. India has become an oasis of comfort.”Mittal said India’s large refining base allows it to handle supply shocks, meet domestic demand and export refined petroleum products.The IGOM, attended by several ministers, was informed that there is a surplus of essential commodities and that current conservation efforts are directed towards long-term capacity building should the crisis be prolonged. “India has 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock. Foreign exchange reserves stand at a comfortable $703 billion. India is the world’s third largest oil refiner and fourth largest exporter of petroleum products, exporting to more than 150 countries and fully meeting domestic demand. But with international crude prices continuing at very high levels, the nation has to bear a huge cost. Energy conservation can reduce this burden,” an official statement said.
