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News Topical, Digital Desk : With energy supplies still tight amid the ongoing conflict in West Asia, India is securing LPG cargoes through spot purchases to meet demand for cooking gas cylinders at homes and commercial locations.
State-owned oil marketing companies have also signed agreements with the United States to address supply shortages. In addition to long-term contracts with the United States, OMCs have also added spot cargoes in the past few weeks, which are expected to arrive in India in June and July.
Ensuring domestic supply is the government's priority: Ministry
Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, said that before the war in West Asia began, India imported about 60 percent of its LPG needs. With increased domestic production, our dependence on imports has decreased. The government's priority is to ensure domestic supply, and to this end, we will source cargoes from wherever possible.
India increased domestic production by 20%
According to the ministry, India has increased domestic production by nearly 20% to about 46,000 tons compared to its daily LPG requirement of about 80,000 tons. To meet the remaining requirement, it has expanded imports from 10 countries to 15.
While earlier 90 per cent of the LPG supply came from Gulf countries - UAE, Qatar, Saudi Arabia, Kuwait, Bahrain and Oman, now more procurement is being done from America, Norway, Canada, Algeria and Russia.
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