West Asia crisis: PM Modi chairs meeting on essential resource supply

PM Modi reviewed essential supplies amid the West Asia crisis, which has disrupted trade and raised diesel prices. Sparked by Ayatollah Khamenei's killing, the conflict impacts global energy. India ensures sailors are safe and waives port charges.

Prime Minister Narendra Modi on Sunday chaired a high-level meeting in the national capital to review the situation related to petroleum, crude, gas, power, and fertiliser sectors amid the evolving West Asia conflict situation. The discussion focused on ensuring uninterrupted supply, stable logistics, and efficient distribution of essential resources across the country.

Conflict Escalation and Market Impact

The conflict in West Asia has entered its fourth week, disrupting trade routes through the Strait of Hormuz. Tensions escalated following the killing of 86-year-old Iran's Supreme Leader, Ayatollah Ali Khamenei, in joint military strikes by the US and Israel on February 28. In retaliation, Iran targeted Israeli and US assets across several Gulf countries, causing further disruptions to the waterway and impacting international energy markets as well as global economic stability.

Meanwhile, due to conflict, the prices of industrial diesel have also increased by 25 per cent from Rs 87.67/ltr to Rs 109.59/ltr.

India's Maritime and Logistics Response

Earlier today, a cargo ship carrying Liquefied Petroleum Gas (LPG) from Texas, United States, arrived at the New Mangalore Port in Mangaluru.

On Friday, the Shipping Ministry informed that New Mangalore Port has waived cargo-related charges for crude oil and LPG from March 14 to 31. It also said that there is no congestion reported at any port.

Sailors Safe, Ports Uncongested

In an interministerial briefing, Special Secretary of the Shipping Ministry, Rajesh Kumar Sinha, also said all 22 Indian ships and 611 sailors in the Persian Gulf are safe amid the West Asia conflict. "There has been no report of any maritime incident in the last 24 hours. All our 22 ships and 611 Indian sailors in the Persian Gulf region are safe, and we are continuously monitoring them... There is no congestion in any port...New Mangalore Port has issued a circular for waiver of all cargo-related charges for crude and LPG, which is valid from 14 March to 31 March," the Shipping Ministry official said. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)