Addressing the Lok Sabha amidst escalating tensions in West Asia, Prime Minister Narendra Modi on Monday assured the nation that India has taken comprehensive “proactive steps” to ensure a steady supply of petrol, diesel, and cooking gas.
With the conflict between the US and Iran threatening global energy corridors, particularly the Strait of Hormuz, concerns regarding a domestic fuel price hike have been mounting. However, the Prime Minister moved to allay these fears, stating that the government is monitoring the situation “hour by hour.”
“India is not merely a spectator in this global crisis. We have activated our diplomatic channels and diversified our procurement to ensure our energy security remains uncompromised,” PM Modi told the House. He emphasised that the government’s priority is to shield the common man from the “shocks of international price volatility.”
Key measures highlighted by the Prime Minister include the optimal management of India’s Strategic Petroleum Reserves (SPR) and strengthening ties with alternative energy exporters. PM Modi noted that India’s diplomatic outreach, extending to both Washington and Tehran, is focused on de-escalation while ensuring that maritime trade routes remain open for Indian tankers.
The Prime Minister also pointed out that despite the blockade of certain routes, the government’s long-term contracts and diversified sourcing from regions like Russia and South America have provided a “critical safety net.”
While the Opposition raised questions regarding the long-term impact on the rupee and inflation, the PM’s statement brought a sense of calm to the markets. “Our stocks are sufficient, our supply lines are secure, and our resolve to protect the Indian consumer is unwavering,” the Prime Minister asserted, concluding his address to the treasury benches.
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