India has 25 days of oil stock, no immediate plan to hike fuel prices: Govt sources

India has 25 days of crude oil and refined oil stocks and is scouting for alternative sources for importing crude oil, LPG and LNG, government sources have confirmed. There is no immediate plan to raise the price of petrol and diesel, according to government sources. However, there is bound to be impact where gas and oil is concerned with the closure of the Strait of Hormuz. About 80 per cent of the oil that India depends on comes from Iran and through the Strait of Hormuz. The Strait of Hormuz has been shut for the past 48 hours. Energy analyst Chetan Bhutani states that ‘strategic reserves can support LPG and LNG demand for about 15 to 20 hot days, if needed, while crude oil reserves are estimated to last about 40 to 45 days in the event of supply disturbances.’

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