India Secures 50-Day Oil Buffer; Govt Rules Out Price Hike Amid Strait Of Hormuz Crisis

As the conflict in West Asia intensifies and the Strait of Hormuz faces a near-total blockade, the Indian government has moved swiftly to calm domestic markets. Sources said to Republic Media Network that India is currently "well-stocked" and has a combined energy buffer, including strategic petroleum reserves (SPR) and oil in transit, sufficient to power the country for 50 days.

The Ministry of Petroleum and Natural Gas is working on a multi-pronged Action Plan to ensure that the 3% leap in global oil prices doesn't hit Indian pockets.

Despite the volatility in global markets, the sources said, no increase in consumer prices is expected. This price stability is being maintained through a strategic shift in procurement. India is already diversifying to non-Hormuz sources for its crude oil requirements, bypassing the primary maritime chokepoints currently under threat.

Diplomatic and Trade Coordination

The Indian government remains in constant communication with international interlocutors and stakeholders. High-level assurances have been secured from both global suppliers and traders to prevent any disruption to the flow of energy into the country.

With the 50-day reserve and an active diversification strategy in place, the administration is confident in its ability to navigate the current crisis without passing the burden of rising costs onto the Indian consumer.

Also read: US-Israel-Iran War: Tanker Traffic Through Strait Of Hormuz Plunges 90%