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New Delhi : The consumption of petroleum products in the year 2018-19 was 213.2 MMT. The percentage of Import Dependency on Oil based on consumption of petroleum products during the 2018-19 was about 83.8%.
Indian Strategic Petroleum Reserve Limited (ISPRL), a Government of India Special Purpose Vehicle, has established Strategic Petroleum Reserves (SPR) facilities with total capacity of 5.33 Million Metric Tonnes (MMT) at 3 locations, namely (i) Vishakhapatnam (ii) Mangaluru and (iii) Padur. As per the consumption pattern of 2017-18, the total capacity is estimated to provide for about 9.5 days of crude oil requirement. Oil Marketing Companies (OMCs) currently have stock for 64.5 days. Hence, total capacity storage of petroleum products is 74 days.
The Government has given ‘in principle’ approval for establishing two additional SPR facilities with total storage capacity of 6.5 MMT at two locations namely (i) Chandikhol in Odisha (4 MMT) and (ii) Padur in Karnataka (2.5 MMT). As per the consumption pattern of 2017-18, 6.5 MMT SPR capacity is estimated to provide for about additional 11.57 days of India’s crude oil requirement.
The Government has also given ‘in principle’ approval for exploring public private partnership model for Phase II. The petroleum products are sold by the Oil Marketing Companies (OMCs). Any profit / loss on sale of petroleum products accrues to the OMCs and not to the Government.
This information was given by the Union Petroleum & Natural Gas Minister Dharmendra Pradhan in the Lok Sabha on March 16, 2020, in a written reply, according to a PIB release.