New Delhi, June 29 (IANS) India managed the energy challenges arising from the Gulf crisis and the US-Israel strike on Iran effectively, ensuring uninterrupted fuel supplies and protecting consumers from sharp price increases, former Director (Exploration) of ONGC, Sushma Rawat, said on Monday.
Speaking to IANS on India’s energy security during the geopolitical tensions in West Asia, Rawat said the government’s response to the crisis deserved high marks, as the country successfully maintained supplies despite disruptions in global energy markets.
“”The Gulf crisis caused by the Iran war was handled very well by the Government of India. If I were to rate its response, I would give it 8.5 to 9 out of 10 for the way it was managed. Consider a country like India with such a large population and nearly 30 million LPG users, along with a vast oil and gas sector. Despite the crisis, there was no supply shortage anywhere,” she stated.
She said global crude oil prices witnessed a sharp surge during the period, with prices touching nearly $120 per barrel and remaining close to $116 for several days. Several countries increased fuel prices by 24 to 30 per cent, while some markets witnessed hikes of up to 40 per cent.
“We saw global crude oil prices rise sharply. As I mentioned earlier, prices even touched around $120 per barrel and remained close to $116 for several days. Many other countries increased fuel prices by 24 to 30 per cent, and in some places the hike was as high as 40 per cent. However, in India, keeping the convenience of the common man in mind and ensuring that people were not put under additional financial stress, fuel prices were initially increased by only around 2–3 per cent,” Rawat told IANS.
Highlighting India’s growing energy self-reliance, Rawat said the country has made significant progress in renewable energy and alternative fuels. She noted that India’s installed renewable energy capacity has reached 51 per cent of the total installed capacity.
She also pointed to the success of the ethanol blending programme, stating that the country achieved the target of 20 per cent ethanol blending in petrol ahead of schedule.
“We are becoming stronger in the renewable energy sector with improvements every day,” she said.
–IANS
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