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India has enough crude, petroleum stored to last 74 days: Pradhan

By TIOL News Service

NEW DELHI, FEB 03, 2021: PETROLEUM Minister Mr Dharmendra Pradhan said on Wednesday that the government has about 9.5 days' worth of crude oil and petroleum products stored, while oil marketing companies have 64.5 days' worth.

The Central government's special purpose vehicle, Indian Strategic Petroleum Reserve Limited (ISPRL), has established underground Strategic Petroleum Reserves (SPR) facilities with total capacity of 53.30 lakh tonne at Vishakhapatnam in Andhra Pradesh, and in Karnataka's Mangalore and Padur.

"As per the consumption pattern of 2019-20, the total capacity is estimated to provide for about 9.5 days of crude oil requirement," he said in a written reply to a query at the Rajya Sabha.

In addition, Oil Marketing Companies (OMCs) in the country have storage facilities for crude oil and petroleum products for 64.5 days.

"Thus, the current total national capacity for storage of crude oil and petroleum products is 74 days," said Mr Pradhan.

Taking advantage of low crude oil prices in April and May 2020 due to the pandemic, the SPR were filled to capacity, leading to notional savings of approximately Rs. 5,000 crore.

Under Phase-2 of the programme, the government will develop two additional 66 lakh tonne commercial-cum-strategic crude reserves in Chandikhol in Odisha and Padur, Karnataka, which will meet an additional 12 days of India's crude requirements.


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