India remains in a comfortable position with regard to petroleum products and is actively negotiating with partners across the world, government sources told ET Now. The sources also assured that there will be no impact on CNG and PNG consumers.
Government sources said India is in a comfortable position on petroleum products and is negotiating with partners across the world. The government is in touch with suppliers and traders for oil, LNG and LPG. Sources added that GAIL will declare force majeure to prioritise supply to priority sectors, while gas supply to the industrial sector may be regulated to prioritise the CGD sector. They also assured that there will be no impact on CNG and PNG consumers, noting that only 60 MMSCMD out of 195 MMSCMD LNG is routed through the Strait of Hormuz.
Sources said the overseas supply shortfall will be managed through domestic reprioritisation. They noted that Qatar supplies about 20 per cent of global LNG requirements and that QatarEnergy has declared force majeure. However, sources added that India has other options to secure LNG supply, with Indian companies in touch with various overseas firms. They also said India is now buying LNG from the UAE, while Australia and Canada have also offered supply.
