the Indian Strategic Petroleum Reserves Ltd( ISPRL), which manages the federal oil inventories, to

India is making a quick buck by selling some of the cheaply bought crude oil stored in the country’s strategic reserves to Mangalore Refinery and Petrochemicals( MRPL).... This allows the government to rake in a significant margin over the purchase price of around$ 19 a barrel.... According to the Petroleum Ministry, this had resulted in a notional saving of Rs 5, 000 crore to the exchequer....

India will release five million barrels of crude oil from its strategic petroleum reserves in a concerted effort to bring down global crude oil prices.... This is roughly equivalent to one day consumption of the country.... Sector watchers say that while the quantity of crude oil is not much, it is a symbolic gesture that has wider implications for the global energy markets.“ India has agreed to release five million barrels of crude oil from its Strategic Petroleum Reserves....

The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency, according to draft rules being framed under a revamped oilfields legislation.A pre-emption right( or preemptive right) is the legal right of a party-often a government or existing shareholder-to purchase or claim a product, asset, or resource before it is offered to others. The inclusion of such rights over crude oil-extracted from underground or beneath the seabed