India is planning to extract 5 million barrels of oil from its strategic oil reserve in coordination with other major economies.
In what might come as a huge relief to the common people, the prices of petrol and diesel are likely to come down soon. Recently, the government had given relief to the people by cutting excise duty on the festive season. Now once again, the government is planning to reduce the price of petrol and diesel keeping in view the interests of the common people.
India is planning to extract 5 million barrels of oil from its strategic oil reserve in coordination with other major economies to bring down the prices of crude oil. That is, people can get rid of the rising prices of fuel. According to a senior government official, this crude oil extracted from strategic reserves will be sold to Mangalore Refinery and Petrochemicals Limited (MRPL) and Hindustan Petroleum Corporation Limited (HPCL).
Actually, both these state-owned oil companies are connected to strategic oil reserves through pipelines. The official said that a formal announcement will be made soon. He said that this process of oil extraction will start in 7-10 days. Not only this, if needed, India can decide to extract more crude oil from its strategic reserves.
It may be noted that the whole world is troubled by the rising fuel inflation. Meanwhile, India, along with other major economies, has planned to withdraw from its emergency oil reserves amid the continuing rise in international crude oil prices. Strategic oil reserves are located on both the western and eastern coasts of India. Their total storage capacity is about 38 million barrels. If the government considers this, then the rising prices of petrol and diesel can be controlled.
Not only India, but countries around the world are considering reducing fuel prices. Apart from India, 29 member countries of the International Energy Agency (IEA) have strategic oil reserves. These include America, Britain, Germany, Japan and Australia. At the same time, Japan has the largest emergency oil reserves after China and America. China is an associate member of the IEA and the world's second-largest oil consumer.
After October, the price of crude oil has softened and it is around $80. Due to the release of reserve oil reserves of America and China, it is expected to decrease further.
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