India Multidimensionally Promoting Diversification of Energy Imports to Deal with the Situation in West Asia and Shipping Risks in the Strait of Hormuz

The Indian government has recently made it clear that it is building a secure line of defense for domestic fuel supply through a comprehensive strategy of diversifying energy imports.

In the face of the severe external environment of continued geopolitical turmoil in West Asia and pressure on shipping safety in the Strait of Hormuz, the Indian government has recently made it clear that it is building a secure line of defense for domestic fuel supply through a comprehensive strategy of diversifying energy imports. Hardeep Singh Puri, India's oil and gas minister, disclosed in parliament that the proportion of crude oil purchased by India through non-Hormuz Strait routes has increased to 70%, significantly higher than the 55% level before the conflict broke out.

In his briefing to the people's House, Minister Puri stressed that after the escalation of the conflict in West Asia, the Indian government quickly launched an emergency response to expand the sources of crude oil imports to about 40 countries and regions. This move not only effectively fills the gap that may be caused by potential supply disruptions in the Strait of Hormuz, but also achieves the goal of total crude oil production exceeding the original single channel. At the same time, he promised the public that there are sufficient stocks of refined oil products such as gasoline, diesel, kerosene and aviation fuel in India, and the retail network and supply chain are operating normally.

In the field of natural gas, the Indian government has issued the "Natural Gas Control Order" in accordance with the "Essential Bill" and established a hierarchical priority distribution mechanism: 100 per cent of the supply of pipeline natural gas and compressed natural gas for vehicles used by residents will be guaranteed; The gas supply for industrial users is not less than 80% of their recent average demand. In order to ensure the stability of the agricultural industry chain, the demand for gas in chemical fertilizer plants is met first at 70%.

Puri further stated that India's domestic natural gas production is about 90 million standard cubic meters per day, and part of the import gap in the Gulf region has been partially made up by spot liquefied natural gas purchased from other routes. The new suppliers include the United States, Norway, Canada, Algeria and Russia.

In terms of price control, despite the sharp fluctuations in the international energy market, the Indian government has successfully cushioned its impact on domestic consumers. Take Delhi as an example. For the beneficiary families covered by Prime Minister Ujiwala's plan, the price for purchasing 14.2kg gas cylinders is 613 rupees, and the non-subsidized price is also controlled at 913 rupees, which is significantly lower than the market estimate of 987 rupees.

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