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In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 5,000 crore for caverns in the southern cities of Mangalore and Visakhapatnam
 "Govt defers Rs 5,000 cr plan to fill parts of strategic petroleum reserve")
India has deferred a Rs 5,000 crore ($601.78 million) plan to fill parts of its strategic petroleum reserve, keeping in mind emerging trends in oil markets, the finance ministry said on Saturday.
In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 5,000 crore for caverns in the southern cities of Mangalore and Visakhapatnam.
India, the world's third-biggest oil importer and consumer, imports over 80 per cent of its oil needs and has built strategic storage at three locations in southern India to store over 5 million tonnes of oil to protect against supply disruptions.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jan 20 2024 | 6:52 PM IST
