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- India Petrol Diesel Stock: 60 Days Supply; Forex $703B; Govt Loss ₹1000 Cr Daily
New Delhi1 hour ago
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The fifth meeting of the Informal Group of Ministers (IGoM) on West Asia was held under the chairmanship of Defense Minister Rajnath Singh.
The central government is considering emergency action to save foreign exchange reserves. According to Bloomberg report, amid the impact of the US-Israel-Iran war and rising oil prices, the government may consider increasing the prices of petrol and diesel.
According to TOI news, its purpose is to control the impact of rising oil prices and reduce the pressure on foreign exchange reserves. It has been reported in the report that this has been discussed between the officials of the Prime Minister’s Office (PMO), Finance Ministry and RBI. However, no final decision has been taken yet on these proposals.
Here, on Monday, the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia was held under the chairmanship of Defense Minister Rajnath Singh. It said that despite rising global prices, oil companies are facing losses of about ₹ 1000 crore every day, so that the common people are not burdened.
Ministers related to Petroleum, Railways, Civil Aviation, Fertilizer, Port and Science participated in the meeting.
There is no shortage of petroleum products in the country
Ministers related to Petroleum, Railways, Civil Aviation, Fertilizer, Port and Science participated in the meeting. It said that India has 60 days of crude oil and gas stock, while LPG has 45 days of stock. People do not need to panic or crowd at petrol pumps. According to officials, the country’s foreign exchange reserve position is also strong and stands at $703 billion.
Government is thinking of limiting gold-electronics imports
According to Bloomberg report, the government is also looking at measures to limit non-essential imports such as gold and consumer electronics. It has been said in the report that the import of these things can be banned or controlled, although no final decision has been taken on this yet.
PM said for the second consecutive day – use less petrol and diesel
For the second consecutive day on Monday, PM Narendra Modi appealed to people to use less fuel and resources. He said that wherever possible reduce the use of petrol and diesel and use metro, electric bus and public transport.
In Vadodara, Modi said that just as the country had faced the Corona crisis together, similarly the country will come out of the current crisis also. I would ask Indians living abroad to bring at least five foreign guests to visit India.
He said that a huge amount of the country’s money goes abroad even on the import of gold. We should postpone buying gold until the situation becomes normal. No need for gold.
Modi also appealed to reduce the consumption of edible oil. He said that the country also spends a lot of foreign exchange on importing edible oil. If people use less cooking oil, it will benefit both the country and the city. Read the full news…
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Loss of ₹ 1,700 crore every day to oil companies: Loss of ₹ 1 lakh crore in 10 weeks, reason – did not increase the prices of petrol and diesel amid global tension.
Due to the ongoing war in West Asia, international crude oil prices have increased by 50%. Despite this, the prices of petrol and diesel in the Indian market have remained stable at the level of the last two years. Government oil companies are bearing huge financial burden i.e. losses to protect the country’s consumers from global energy shock. In the last 10 weeks, these companies have suffered a loss of more than ₹ 1 lakh crore. Read the full news…
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