Summary of this article
Rajnath Singh said India faces no shortage of fuel or cooking gas and is ready to tackle any fallout from the West Asia conflict.
The defence minister said the Indian Navy is escorting tankers through the Strait of Hormuz, a critical energy shipping route.
The Centre has waived customs duty on key petrochemical imports till June 30 to protect domestic industries and consumers from supply shocks.
Defence Minister Rajnath Singh on Thursday said there was “no dearth of fuel or gas in the country” and assured that India was fully prepared to deal with any energy crisis arising from the escalating conflict in West Asia.
Addressing a Sainik Samman Sammelan in poll-bound Kerala, Singh said the government was closely monitoring the evolving situation in the region and had taken steps to safeguard the country’s energy security.
“We are closely monitoring the state of affairs in West Asia and are prepared to deal with any situation,” Singh said.
Seeking to allay concerns over supply disruptions, the defence minister said Indian Navy ships were safely escorting the country’s tankers through the strategically crucial Strait of Hormuz, through which a substantial portion of India’s crude oil, LPG and natural gas imports pass.
He further said Prime Minister Narendra Modi was using his diplomatic outreach and strategic engagement in the Gulf region to protect India’s interests amid rising tensions.
Singh’s remarks come at a time when the Centre has stepped up measures to cushion the domestic economy from the fallout of the West Asia crisis, which has disrupted global shipping routes and sharply pushed up energy prices.
Earlier in the day, the Finance Ministry announced a full customs duty exemption on the import of critical petrochemical products till June 30, describing it as a temporary and targeted relief measure aimed at ensuring supply stability.
The exemption covers key petrochemical inputs including methanol, anhydrous ammonia, toluene, styrene, vinyl chloride monomer, poly butadiene, styrene butadiene and unsaturated polyester resins — materials widely used in plastics, packaging, textiles, pharmaceuticals, chemicals and automotive components.
According to the ministry, the move is intended to reduce cost pressures on downstream industries and provide relief to consumers of final products amid ongoing supply-chain disruptions caused by the conflict in West Asia.
The government had also last week slashed excise duty on petrol and diesel by Rs 10 per litre to shield consumers from rising global crude prices, even as it imposed export duties on diesel and aviation turbine fuel to ensure adequate domestic availability.
Global crude oil prices have surged significantly since the escalation of military strikes involving the United States, Israel and Iran, raising concerns over the impact on India, one of the world’s largest importers of crude oil and fertiliser feedstock.
(With Inputs from agencies)
