Business News | Hardeep Puri Hails Indian Oil for Uninterrupted Fuel Supplies Amid Global Oil Shocks
Get latest articles and stories on Business at LatestLY. Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday hailed Indian Oil Corporation for ensuring uninterrupted fuel supplies across the country despite global disruptions and rising pressure on energy markets.
New Delhi [India], September 1 (ANI): Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday hailed Indian Oil Corporation for ensuring uninterrupted fuel supplies across the country despite global disruptions and rising pressure on energy markets.
In a social media post on the occasion of IndianOil Day, Puri said India's energy sector, led by its public sector Maharatna companies, has been playing an important role in strengthening the country's energy security amid ongoing global crises.
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Puri said India's oil marketing companies (OMCs) have absorbed the impact of global disruptions while continuing to import energy and ensure that consumers receive fuel without interruption.
"As responsible corporate citizens, India's OMCs have borne the brunt of global disruptions by absorbing losses, sustaining energy imports and ensuring uninterrupted fuel supplies to citizens. Not a single retail outlet ran dry," Puri said.
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The minister highlighted the role played by Indian Oil in protecting consumers from the impact of global supply-chain disruptions.
According to Puri, Indian Oil and other OMCs kept fuel prices steady despite mounting costs, thereby shielding millions of consumers from the full impact of global shocks.
He said the companies have also helped cushion consumers from supply-chain disruptions arising from the situation around the Strait of Hormuz, a key route for global energy supplies.
"By keeping fuels prices steady despite mounting costs, OMCs like IndianOilcl have shielded millions of citizens from the full impact of global shocks," Puri said.
The comments come against the backdrop of ongoing global energy market disruptions, with the minister underlining the role of state-owned oil companies in maintaining fuel availability and supporting energy security.
Puri also highlighted Indian Oil's expanding retail and gas distribution network across the country.
Indian Oil currently has 42,818 retail outlets and more than 2,600 CNG stations, according to the minister. The network is aimed at expanding access to fuel and other energy services across India.
Puri said the company has also continued to invest heavily in the country's energy infrastructure while maintaining financial discipline.
"IndianOil continues to expand energy access across India. It has invested more than Rs 30,000 crore annually over the past five years to strengthen the nation's energy infrastructure, while maintaining financial discipline," he said.
The minister said India's energy sector, driven by its public sector Maharatna companies, is helping the country maintain a resilient path towards energy security by ensuring affordable supplies and stabilising markets during global crises.
With its large retail network, more than 2,600 CNG stations and annual investment of more than Rs 30,000 crore over the past five years, Indian Oil remains a key part of India's energy infrastructure, according to the minister's post. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)