War clouds are gathering in West Asia… Stocks of various consumer products are dwindling in India
RAJA PENTAPATI AP.BUREAU CHIEF
MARCH 5 BHARAT NEWS
(Five-Star Rating News service by Google)
AMARAVATI: Due to the escalating war between America, Israel and Iran, it is impossible to get various types of products imported from the orders on time, due to which the stocks of cooking gas and oil have decreased, and experts expect that due to its impact, there is a possibility of a severe shortage in India.
The war clouds that are darkening in West Asia have reduced the stocks of consumer products in India. The supply of cooking gas (LPG) has been severely disrupted due to the increase in tensions between Israel and Iran.
It is clear that the impact will be severe on the approximately 32 crore LPG consumers across the country. India, the second largest LPG buyer in the world, depends on imports for more than 90 percent of its needs.
A Bloomberg report revealed that the current disruption to transportation through the Strait of Horizon has become a major challenge to India’s energy security, as most of it has to come through.
The country currently has only 30 days of gas reserves, an official said. If the war takes time to restore the supply chain, there could be a shortage of gas cylinders from next month, leaving millions of homes without electricity.
The goods, which were supposed to be urgently imported from the US, will take at least 25 days to arrive from there. This is not only three times the one-week time it takes from the Gulf countries, but transportation costs will also increase dramatically.
The availability of oil along with gas is also worrisome. India currently has only about 100 million barrels of crude oil reserves.
These are in storage tanks, underground reserves, and on oil ships coming to India from abroad. Reports are coming in that these are sufficient for only 40-45 days. India imports about 88 percent of its crude oil needs. More than 50 percent of the crude oil required for making petrol and diesel comes from West Asian countries.
Petronet LNG’s announcement that it has already cut the supply of LNG used for industrial purposes by up to 50 percent has caused great concern in the industry.
Although crude oil reserves are about 8 weeks old, sources are worried that a complete stoppage of supply could lead to a dire situation where fuel rationing could be necessary.
Experts warn that this could affect the transport system and cause prices of essential commodities to skyrocket, further fuelling inflation. There are concerns that if the war continues for a long time, the Indian economy could suffer an irreparable blow
Andhra Pradesh
