Now Reading: Centre plans new strategic petroleum reserves at Bikaner, Bina
-
01
Centre plans new strategic petroleum reserves at Bikaner, Bina
The Centre plans two new strategic petroleum reserves at Bikaner in Rajasthan and Bina in Madhya Pradesh, the petroleum ministry told a parliamentary committee. Feasibility studies for Bikaner are complete; a detailed…
The Story in Brief
The Centre plans two new strategic petroleum reserves at Bikaner in Rajasthan and Bina in Madhya Pradesh, the petroleum ministry told a parliamentary committee. Feasibility studies for Bikaner are complete; a detailed report for Bina will begin soon. India imports about 90% of its oil and has strategic storage of 5.3 million tonnes, enough for about 77 days. The committee urged the government to meet the global standard of 90 days of crude stocks, warning that a sustained $1-per-barrel oil price rise could add Rs 18,000 crore to India's import bill.
The Indian Opinion
The committee's nudge to reach the 90-day oil stock norm is fair, but the government has not been idle. Land acquisition at Chandikhol is done, and Padur-II is under way. The real test will be whether the 6.5-million-tonne expansion, approved in 2021 but still incomplete, can be delivered without further delays. Every dollar rise in crude costs the exchequer Rs 18,000 crore. That number will settle whether the government’s pace is adequate or reckless.
Source: livemint.com
This story was synthesised by AI from the source linked above.
