GS-III: Economy, Environment, S&T
Crude Oil Import Dependence, Refining and Petroleum Trade
Not met yet — counts as met once you answer a question on it.
At roughly 85–87% import dependence, India's crude oil position makes the current account deficit acutely sensitive to OPEC-plus production decisions and rupee-dollar movements. Public-sector refiners, Indian Oil, BPCL, and HPCL, operate under the Petroleum and Natural Gas Regulatory Board (PNGRB) Act, 2006. Indian Strategic Petroleum Reserves Limited holds emergency stocks at Visakhapatnam, Mangaluru, and Padur equivalent to about 9.5 days of consumption. Discounted Russian Urals crude purchases alter basket composition and partially cushion import costs, yet fuel-subsidy commitments under domestic pricing policy still press on fiscal arithmetic.