India has deferred a Rs 5,000 crore ($601.78 million) plan to fill parts of its strategic petroleum reserve, keeping in mind emerging trends in oil markets, the finance ministry said on Saturday.
In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 5,000 crore for caverns in the southern cities of Mangalore and Visakhapatnam.
Click here to follow our WhatsApp channel
India, the world's third-biggest oil importer and consumer, imports over 80 per cent of its oil needs and has built strategic storage at three locations in southern India to store over 5 million tonnes of oil to protect against supply disruptions.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Also Read
Budget 2024: Here are 5 lesser-known facts about the Union Budget of India
Interim Budget: All you need to know about the budgets during election year
Budget 2024: Who was first woman to present Budget? Know interesting facts
Visakhapatnam Port handles record 50 MMT cargo in 228 days in FY2023-24
Budget 2024: Budget preparation, its purpose, halwa ceremony, presentation
Oil mkt braces for a weeks-long disruption to shipping in southern Red Sea
Interim Budget to cut fiscal deficit in election year, focus on capex: Poll
Oil drops slightly on China demand concerns but records weekly gain
Maharashtra signs investment MoUs worth Rs 3.53 trillion at Davos
Services sector firms led India Inc's job creation in FY23, says study