India is moving quickly to ensure that households and businesses do not face any shortage of cooking gas, even as the conflict in West Asia continues to disrupt global energy supplies. To keepLPGflowing, state-run oil companies have stepped up imports, especially from the United States. They are not just relying on their regular long-term contracts, but are also buying additional cargoes from the spot market.

Spot buying simply means purchasing fuel at current market prices for immediate delivery, instead of waiting for supplies under pre-agreed long-term contracts. It helps countries respond quickly during emergencies or sudden shortages.

Also Read:Delhi HC Dismisses Plea over LPG Crisis, Says 'Government is Already Tackling'

According to a TOI report, citing people familiar with the matter, Indian oil companies have secured several spot LPG cargoes in recent weeks. These shipments are expected to arrive in June and July.

The move comes as tensions in West Asia have tightened global energy markets, raising concerns over supplies passing through the Strait of Hormuz, one of the world's busiest oil and gas shipping routes.

Government officials, however, have assured that domestic supplies remain stable.

"When asked, Sujata Sharma, joint secretary in the petroleum and natural gas ministry, said India was importing nearly 60% of its LPG requirement before the war broke out in West Asia. ' With the increase in domestic production, our import dependency has decreased. Government's priority is to ensure domestic supplies, and for that, we will source cargo from wherever it is possible,' Sharma said."

India consumes around 80,000 tonnes of LPG every day. To reduce dependence on imports, domestic production has been increased by nearly 20% to about 46,000 tonnes per day.

For the remaining demand, India has widened its supplier base significantly.

Earlier, about 90% of India's LPG imports came from Gulf countries such as Saudi Arabia, Qatar, the UAE, Kuwait, Bahrain and Oman. Now, India is also sourcing more LPG from the US, Norway, Canada, Algeria and Russia.

Source: India Latest News, Breaking News Today, Top News Headlines | Times Now