Amid Iran war India comes to the rescue of its neighbours, sends diesel to Bangladesh

Iran war has led to oil prices shooting up in several countries across the globe. The Strait of Hormuz, the only sea passage from the Persian Gulf to the open ocean has been obstructed by Iran. In this tough situation India, which is dependent on the Middle East for roughly 40 per cent of the country’s oil imports and 60 per cent of its gas seems to be sailing through well as Iran has allowed passage of ships from certain countries, including India.

Prime Minister Narendra Modi during a Parliament session on March 24 said that India has adequate crude oil supply and storage arrangements. He said that the supply of petrol and diesel remains smooth across the country and suggested that India has more than 5.3 million metric tonnes of strategic petroleum reserves, and is also working on arranging an additional 6.5 million metric tonnes of storage.

India helping its neighbours amid Iran war

The ample oil and gas reserve of India in this difficult times has forced neighbouring countries like Bangladesh, Sri Lanka and Maldives to seek help from New Delhi in terms of energy supplies.

On March 12, external affairs ministry spokesperson Randhir Jaiswal in a weekly media briefing said “We have received a request from the government of Bangladesh for supply of diesel, which is being examined."

“We have received such requests from several other countries, including Sri Lanka and the Maldives, and these are being examined taking into account our own energy requirements and availability,” he added.

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According to various media reports, Bangladesh will be importing 45,000 tonnes of diesel from India by April, with 5,000 tonnes having been delivered so far. More oil is expected to be imported to Bangladesh via the 131.5 km India-Bangladesh Friendship Pipeline.

Cooperation in energy has played an important role for India in establishing good relations with its neighbouring countries. India has helped finance the construction of cross-border pipelines to Nepal and Bangladesh. Development of Bhutan’s hydropower sector is also backed by India.

Meanwhile, India is in touch with Iran and other countries in the Middel East for the safe transit of Indian vessels through the Strait of Hormuz. PM Modi has spoken to the Iranian President twice, while EAM Jaishankar has spoken to his Iranian counterpart a couple of times. India has also diversified sources, turning to suppliers in the US, Argentina and elsewhere, but proximity and cost make Gulf routes vital.