The $602 million plan to replenish certain strategic petroleum reserves in India has been postponed

The $602 million plan to replenish certain strategic petroleum reserves in India has been postponed

The $602 million plan to replenish certain strategic petroleum reserves in India has been postponed

The Finance Ministry said that India has delayed a Rs 50 billion plan for strategic petroleum reserves due to shifting trends in the oil market.

Amid shifting trends in the oil market, India delays its $601.78 million plan for a strategic petroleum reserve.

In light of new developments in the oil markets, India has decided to delay its plan to replace a portion of its strategic petroleum reserves, worth Rs 50 billion ($601.78 million), the Finance Ministry said on Saturday.

The government had planned to purchase crude oil for caverns in the southern towns of Mangalore and Visakhapatnam for Rs 50 billion in the federal budget for 2023–2024.

More than 80% of India's oil requirements are imported; the country is the third-largest importer and user of oil in the world. Three critical sites in southern India store more than 5 million tonnes of oil to guard against interruptions in the oil supply. It creates storage.