Kolkata, Sept. 28 -- "India navigated well during the uncertainty over global energy security", said Union Minister of Petroleum & Natural Gas Hardeep Singh Puri, during an exclusive session organised by MCCI on 'India's Energy Security: Navigating Geopolitical Uncertainty,' on Monday at The Park Hotel, Kolkata.

He said that in every crisis, there is a challenge. Challenge throws up opportunities.

Referring to the uncertainty caused by the geopolitical turmoil on energy security, Puri said that it is turbulence, not uncertainty. The duty before the government was to insulate 1.4 billion people from fluctuations. Global energy prices had gone up by more than 70 per cent, while that in India was much lower.

"This was because of the resolution of the Prime Minister whose mantra was to ensure availability and affordability. The prices of petrol and diesel were slashed thrice by reducing the excise duties", he said.

Puri viewed that the oil marketing companies have been bleeding with huge under recoveries. They are good corporate citizens. But we won't let them sink. When prices are high, upstream companies do well while downstream ones lose.

According to him, the country has navigated well so far. "But this world is full of unpredictability. During the crisis, none of the retail outlets went dry, he said.

Puri said that there is no shortage of energy per se in the world. There is crude availability. The issue is of supply routes. But what will happen if the Strait of Hormuz closes down? Nearly 40% of the global energy supply will get choked.

His anxious moment was not of crude supply. His real concern was of LPG supply as there are 33.5 crore LPG connections almost covering the entire population of the country. There is LNG, but the bulk of the people are dependent on LPG.

Stating that the economy of West Bengal has declined over the last 50 years, he said West Bengal will occupy centre stage due to recent developments.

"Economic progress of West Bengal is of highest priority of the Centre. That is why the India Energy Week is being held here", he said.

He said that the Centre has earmarked Rs 84,000 crore budget of for exploration & production.

Published by HT Digital Content Services with permission from Millennium Post.