00:00All right, let's cut across to the latest news break that is also coming in.
00:04India has 25 days of crude oil and refined oil stocks,
00:08scouting for alternative sources for importing crude oil, LPG and LNG.
00:13Government sources have confirmed no immediate plan to raise the price of petrol and diesel.
00:18However, there is bound to be impact where gas and oil is concerned
00:22with the closure of the Strait of Hormuz.
00:24And India, 80% of the oil that India has depended on comes in from Iran and through the Strait
00:33of Hormuz.
00:34Will this now put pressure on India to at least, you know, buy more oil from Russia,
00:41which it had already scaled down, keeping in mind the tariff war with the U.S.?
00:45Well, the latest that's coming in is, and that has been confirmed by India,
00:49that it has 25 days of crude oil and refined oil stocks.
00:53There will be an urgent need to scout for alternative sources for importing of crude oil, gas, LPG, LNG.
01:02However, government sources have confirmed to India today that currently there is no immediate plan
01:08to raise the price of petrol and diesel.
01:11But what seems to be suggested, well, is suggested that if the conflict in West Asia continues
01:19in the manner of which that we are witnessing with the Strait of Hormuz shut,
01:23a direct implication of that will be felt where gas and oil consumption across the world is concerned.
01:30China, largely dependent on its oil reserves where Iran is concerned through the Strait of Hormuz.
01:37And the Strait of Hormuz has now been shut for the past 48 hours.
01:41And the pinch of that will now already be felt by many countries, including India.
01:48India has come out and stated that we have stocks for 25 days,
01:51but there will be a need to now scout for alternative options where oil and gas is concerned.
01:57For now, as per government sources, there is no price rise of petrol and diesel.
02:17Let's get an expert into this mix.
02:20Chetan Bhutani is joining us on the phone line.
02:22Mr. Bhutani, the government has said we have reserves for 25 days.
02:27That doesn't sound very good.
02:29There will be a need to scout for alternative options.
02:33Where does Russia stand in there?
02:35But importantly, also, the government has said,
02:37for now, there is no increase in prices of gas and oil.
02:41Well, absolutely.
02:42You know, as the geopolitical tensions rise in the Western Asia,
02:45particularly on the Strait of Hormuz,
02:46the Indian government actually does not expect any immediate energy supply crisis
02:50thanks to the strategic reserves and supply diversification options.
02:54Well, actually, government officials have indicated to business today
02:57that India currently has a sufficient buffer stock to manage short-term disruptions.
03:00Strategic reserves can support about LPG and LNG demand for about 15 to 20 hot days if needed,
03:06while crude oil reserves are estimated to last about 40 to 45 days in the event of supply disturbances.
03:11This preparedness comes at a time when concerns are mounting globally over the Strait of Hormuz,
03:16a key maritime choke point through which a significant portion of India's LNG is imported.
03:20However, the government officials are also suggesting that even in the prolonged disruption
03:25or closure of the Strait, India retains the flexibility to pivot its energy sourcing
03:30to alternative markets to meet domestic demand.
03:32However, while physically supply disruptions appear unlikely in the near term,
03:37energy markets have already begun reacting to geopolitical uncertainty.
03:40So, clearly, India is not actually witnessing an energy crisis
03:43and the government sources are indicating that it will not be seeing any energy crisis as of now
03:48because India has strategic reserves and actually can pivot to different markets if demand arises.
03:53All right. Now, pivoting to different markets, what does that quite mean?
03:56Because one market that India was looking at shrinking was Russia and already on route to do so.
04:02Will we scale consumption there?
04:04Well, that remains to be seen.
04:06Chetan, thank you for joining us.
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