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New Delhi, March 3 (IANS) The government on Tuesday said that India has adequate stocks of crude oil and key petroleum products such as petrol, diesel and aviation turbine fuel (ATF) to handle any short-term disruptions arising from the ongoing hostilities in the Middle East.

Briefing the media, Petroleum and Natural Gas Minister Hardeep Singh Puri said the country is fully prepared to deal with the evolving global energy situation. He assured that there is no immediate cause for concern as India remains well stocked and is closely monitoring developments.

"India is currently the world’s third-largest importer of crude oil, the fourth-largest refiner, and the fifth-largest exporter of petroleum products," he noted.

Given its strong position in the global energy market, the country has built sufficient inventories to manage temporary supply disruptions.

The minister said that over the past few years, India has taken significant steps to diversify its sources of crude oil to ensure both availability and affordability for consumers.

"Indian energy companies now have access to supplies that do not pass through the Strait of Hormuz, a key global oil transit route that could be impacted by tensions in the Middle East," the minister noted.

"These alternative routes, will help cushion any short-term supply issues," he mentioned.

To keep a close watch on the situation, the Ministry of Petroleum and Natural Gas has set up a 24x7 control room to monitor the supply and stock position of petroleum products across the country.

Officials are continuously reviewing the situation to ensure that there is no disruption in availability.

The government said it is reasonably comfortable with the current stock levels and remains committed to safeguarding the interests of Indian consumers. Based on ongoing assessments, it is cautiously optimistic that phased measures can be introduced, if necessary, to further stabilise the situation, it added.

--IANS

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