Government proposed to spend Rs 5,600 Crore to fill part-empty strategic petroleum reserves
strategic petroleum reserves (SPR) and another Rs 500 crore to boost biofuel adoption but these allocations appear to be prompted by little or no utilisation of similar provisions in the current or the previous year.
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India’s SPRs have a capacity to hold 5.33 million metric tonnes (MMT) of crude oil of which about 67% of the capacity or about 3.6 MMT was filled as of last October, according to a parliament panel report.
The government had proposed to spend Rs 5,000 crore in 2023-24 to replenish the 5 million barrels of crude oil it had released from its SPR in November 2021 “in consultation and parallelly with other major global energy consumers to cool high oil prices,” per the panel. The government, however, didn’t use the funds to buy crude that year as the proposal was deferred by the finance ministry, the panel said.
In the budget tabled on Saturday, the government has again allocated funds to fill the reserve.
The budget has provided Rs 100 crore for the construction of the second phase of the SPRs and Rs 176 crore for the operation and maintenance of the existing ones.
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