International prices will not affect oil prices .. !! The government's new plan

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New Delhi, Ta. 18 July 2020, Saturday

Diesel and petrol prices have been rising steadily for the past few days. In the national capital, Delhi, diesel is being sold at a higher price than petrol. Such a situation is being witnessed in the international market despite the fact that the price of crude oil is in a fixed area. In general, fluctuations in international crude oil prices have had a direct impact on petrol and diesel prices in India.

If crude oil prices rise in the international market for any reason, petrol and diesel prices are likely to rise in India as well. The government has come up with a new plan to deal with this situation. According to Petroleum Minister Dharmendra Pradhan, India is ready to stockpile its crude oil in US strategic petroleum reserves to cope with any supply constraints or price rise.

Talks between India and the US on this issue have come a long way. According to Dharmendra Pradhan, the two countries have signed a memorandum of understanding for cooperation on strategic petroleum storage. The U.S. Strategic Petroleum Reserves have a storage capacity of 714 million barrels of oil. It is the world's largest supply chain for crude oil in times of crisis.

By comparison, India has 53.3 million tonnes (approximately 38 million barrels) of underground storage capacity at three locations. Only 9.5 days' requirement can be met from these reserve centers located in the eastern and western coastal areas. One of the advantages of India's stockpiling in the US is that it can be used when there are high prices in the international market or when there is a supply constraint.

The US is the sixth largest oil supplier to India. Between 2017 and 2019, US oil supplies to India increased 10-fold to 2.5 million barrels per day.

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