Oil Minister Pradhan says not to panic, India has enough crude oil reserves

Oil Minister Pradhan says not to panic, India has enough crude oil reserves

Agency News

Kolkata, Jan 11: Oil Minister Dharmendra Pradhan today suggested not to create "unnecessary panic" in the country in the wake of the US-Iran current conflict, and said India has huge reserves of crude oil on its own to deal with the situation.

Responding to reporters' a barrage of questions on the sidelines of launching of Purvodaya accelerated development programme for eastern region in steel sector, Mr Pradhan opined that for the past two days the situation considerably improved after US-Iran high voltage tension over the killing of an army general in Tehran by the US forces.

With global oil prices hitting three-month high on heightened US-Iran tension, India was preparing to deal with all kinds of situations, Mr Pradhan said adding there was "no crisis" as India has huge reserves of crude oil to tide over the situation."

Yes there are issues out of this like sentiments and prices of oil products in the wake of the situation elsewhere but we have enough resources to take care of us for the present situation" Mr Pradhan said."

Please do not create any panic out of this situation," Mr Pradhan suggested to the media.India is 84 per cent dependant on imports to meet its oil needs and any spike in global prices has a direct bearing on its economy.

Not just imports but even domestic crude oil -- which forms the raw material for making petrol, diesel and other petroleum products – is priced according to international benchmarks.Mr Pradhan also said there was no question of the lifting of the subsidiary for the cooking gas for poor consumers. (UNI)