Mangaluru: Central government selling oil from strategic reserve


Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Oct 22: The central government, faced with the need to reduce the impact of the global oil price hike, has begun to sell the oil in its storage facility to government owned oil processing companies. Chief executive officer of the Indian Strategic Petroleum Reserves Ltd (ISPRL), H P S Ahuja, said that the company has begun to sell the stock of oil in their possession. He said that this will leave them with spare space that can be given on lease.

The entire stock of three lac tonnes of crude oil in one facility has been disposed of. He said that by the end of this year, the remaining 4.5 lac tonnes of crude oil also will be sold. ISPRL has two oil storage facilities here, one of which will be leased to Mangalore Refinery and Petrochemicals Ltd. The crude oil pooled by the government has been bought by MRPL at market price. MRPL will stock crude oil received from Saudi Arabia in the leased facility, he added. 1.5 lac tonnes of crude oil collected in the Visakhapatnam facility has been bought by Hindustan Petroleum Corporation Ltd.

The government had stocked the oil when the price per barrel of crude oil was $19, for use during emergencies. The price has now soared to $80 a barrel. The centre has made a profit through this sale.

 

 

 

 

  

Top Stories

Comment on this article

  • alphonso, Mumbai/bendur

    Sat, Oct 23 2021

    Just a polite reminder to all those who are reading this oil price segment. Back in 2012-2013 when the Crude oil price touched over $110 per barrel, our petrol price then was approx Rs.75+, less than 80. Yet look at those videos of the opposition leaders mocking our ex PM Manmohan Singhji. What do we have to do today? Should we all mock our present leaders for not able to provide reasonably priced petrol, dieasel and gas? History repeats itself.

    DisAgree [1] Agree [8] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Sat, Oct 23 2021

    No wonder..., once the COFFIN shaped (Covid 19 memorial) CENTRAL VISTA complete... this jokara may sell & or lease Parliament house also..., - The decision to sell the strategic crude oil reserve is one of the BIGGEST BLUNDER, now may be leased to Crony THUG Capitalist..., to profiteering..., poor people of padoor were displaced & made to loose their livelihood..., All over the world there is energy crisis..., and it is expected to peak during the coming winter..., Coal prices increased 400% in the past 10 months.., and in all probability the economists are predicting Crude oil to cros $ 120/- sooner than later..., then it is convenient to buy @ $ 120/- from international crude traders to stock (No need to say the least that Reliance already established Crude Trading office in Middle East Country recently), by now he would have already take similar position and may be holding for another 3-6 months and make a killing profit..., indirectly $ wealth going out.... of the country... it is as simple as that..., and some illiterate & less educated come and bark the tax payers money is safe..., God save Hindustan..,

    DisAgree [2] Agree [10] Reply Report Abuse

  • Alphonse Rodrigues, Udupi

    Fri, Oct 22 2021

    Updated on February 24, 2021, 8:00pm IST Chaiwala .P.M., said: When a government engages in business, it leads to losses, Prime Minister Narendra Modi said, addressing a Webinar on privatisation by the Department of Investment and Public Asset Management. {Is this considered as private asset or public asset?! Lies & full of lies from this cow gobernment} https://www-ndtv-com.cdn.ampproject.org/v/s/www.ndtv.com/india-news/government-has-no-business-to-be-in-business-pm-narendra-modi-2377787?amp_js_v=a6&_gsa=1&=1&akamai-rum=off&usqp=mq331AQKKAFQArABIIACAw%3D%3D#aoh=16349260552428&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.ndtv.com%2Findia-news%2Fgovernment-has-no-business-to-be-in-business-pm-narendra-modi-2377787

    DisAgree [2] Agree [4] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Fri, Oct 22 2021

    Economist of the Centry award goes to shriman👉🤦‍♂️

    DisAgree [2] Agree [5] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Fri, Oct 22 2021

    Another blunder ! They should have reduced Central excise duty and state taxes by some percentage. But defleting emergency oil reserves is not a right solution. Emergency stockpiling is for emergency purpose:- We know we cannot underestimate the importance of emergency planning in our region, nor can we assume we'll have ample warning time. If an earthquake or terrorist attack hits, we won't necessarily have advance alerts or opportunities to double- and triple-check our plans. Brainwok of the brain less.

    DisAgree [7] Agree [10] Reply Report Abuse

  • Nazeer husain, Jeddah

    Fri, Oct 22 2021

    The fascist chaddi govt try to survive now by selling petroleum provided by same Islamic countries where almost chaddies hates ....Thank God petroleum power is entrusted with the believers as Almighty wishes.

    DisAgree [13] Agree [19] Reply Report Abuse

  • Sunil D'Souza, Mangalore

    Fri, Oct 22 2021

    If so then why petrol prices are still high.....looks like govt plans to mak money now and then drop prices during elections in 2023 to 2025

    DisAgree [1] Agree [18] Reply Report Abuse

  • Veer, Nagpur

    Fri, Oct 22 2021

    Modi is stealing money from strategic assets reserve. He anticipates petroleum demand will decrease when electric vehicles hits the street. So BJP is cashing in on our tax money as much as possible before being kicked out from Delhi.

    DisAgree [8] Agree [20] Reply Report Abuse

  • Rajan, Mangalore

    Fri, Oct 22 2021

    Imports of crude oil is annual 200 million tonnes ...average ... As per this report strategic reserves even if rounded off Less than 1 million .. Whether really strategic or some false assurance not clear .. Nevertheless shows desperate times ..desperate measures ...despite saying Economy bouncing back .. Sad state ... Selling family silver proverbial .. ...including cupboard which was used to store the silver !

    DisAgree [3] Agree [11] Reply Report Abuse

  • William, Mangalore

    Fri, Oct 22 2021

    Can we sell himself. Any buyers

    DisAgree [6] Agree [12] Reply Report Abuse

  • Ozy, Surathkal

    Fri, Oct 22 2021

    This oil was purchased when the rate was $30/barrel. You can imagine how much profit the Government will get now. In this case people should get oil now at Rs60/litre.

    DisAgree [2] Agree [17] Reply Report Abuse

  • Leo D'Souza, Surathkal

    Fri, Oct 22 2021

    We are in a emergency situation now

    DisAgree [9] Agree [28] Reply Report Abuse

  • Jossey Saldanha, Thane

    Fri, Oct 22 2021

    I wonder which man will abandon his ...

    DisAgree [7] Agree [21] Reply Report Abuse

  • Manohar, Udupi

    Fri, Oct 22 2021

    India should be better than British rule...... Churchill ranting on Indians is coming true....

    DisAgree [5] Agree [30] Reply Report Abuse

  • vishnu bhat, bangalore

    Fri, Oct 22 2021

    the very purpose of a strategic reserve is lost on our clueless and inept Govt

    DisAgree [8] Agree [32] Reply Report Abuse

  • Sunil, Mangalore

    Fri, Oct 22 2021

    You voted, remember

    DisAgree [2] Agree [9] Reply Report Abuse

  • Dr. Haneef Shabab, Bhatkal

    Fri, Oct 22 2021

    Another blunder worse than Demonetization......

    DisAgree [7] Agree [33] Reply Report Abuse

  • Jayan, Mangalore

    Fri, Oct 22 2021

    What will be the cost of replenishing the same? Or no more oil reserves required? I thought this oil reseve is for meeting extreme emergencies like warlike conditions economic blockade etc. Could not understand the economics behind the sale. Can someone explain?

    DisAgree [5] Agree [30] Reply Report Abuse

  • Cynthia, Dk

    Fri, Oct 22 2021

    Jayan, no one is in a position to explain because of the severe shock after reading this news. Cannot understand whats going on??!! Such reserves are kept for emergency purposes..as you have mentioned in your comment. There's one such reserve at Bantakal ( on the accrued land) where tankers of crude oil is stored. ...(on the way to shankerpura, udupi). If our neighbors come to know its easy for them...Anyway, lets hope for the best and pray for country's future....

    DisAgree [6] Agree [18] Reply Report Abuse

  • Jayan, Mangalore

    Fri, Oct 22 2021

    What will be the cost for replenishing the same? ,Or no more oil reserve required.? I thought the oil reseve is for meeting extreme emergencies. Could not understand the economics behind the sale. Can someone explain?

    DisAgree [5] Agree [16] Reply Report Abuse

  • Kudla Stories, Kudla

    Fri, Oct 22 2021

    It is very sad that this govt is doing everything wrong to set every wrong right. This is squeezing our emergency resources to a brink of disaster

    DisAgree [7] Agree [27] Reply Report Abuse

  • Veer, Nagpur

    Fri, Oct 22 2021

    BJP govt is looting the country from all direction as if there is no tomorrow. Modi BaBa and his gang has a plan to run away from the country soon with all the money and wealth of india.

    DisAgree [8] Agree [36] Reply Report Abuse

  • Manek S, Kankanady, Mangalore

    Fri, Oct 22 2021

    Government doing what it is best at, selling. Don't stop at the oil, sell the reserve facility itself. We will still for Modizi.

    DisAgree [18] Agree [11] Reply Report Abuse

  • David Pais, Mangalore

    Fri, Oct 22 2021

    it is imperative 2 sell strategic oil reserves becoz da treasury of india is empty-dumpty even after imposing heaviest tax imposition 2 da citizens. what a shameful pettha govt.

    DisAgree [5] Agree [26] Reply Report Abuse

  • Sense shetty, Mangalore

    Fri, Oct 22 2021

    This was for emergency use .. This is like stock market commodity trading. Not sure of its implications ..What happens if there is requirement of Oil for War like emergencies?

    DisAgree [5] Agree [23] Reply Report Abuse

  • Jossey Saldanha, Thane

    Fri, Oct 22 2021

    Central Government works only for Ambani & Adani ...

    DisAgree [8] Agree [36] Reply Report Abuse

  • Namak haram, MANGALORE

    Fri, Oct 22 2021

    JO bikna bhaki hai who bhi bikjayega....

    DisAgree [7] Agree [31] Reply Report Abuse


Leave a Comment

Title: Mangaluru: Central government selling oil from strategic reserve



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.


Security Validation

Enter the characters in the image