PUNE: India, the second largest importer of crude oil, will have to bear the brunt of America’s move to end sanction waivers from May 2 on the countries importing crude oil from Iran. 

However, All India Petrol Diesel Association’s (AIPDA) National Spokesperson Ali Daruwala said that there is no need to worry as the move will neither raise fuel prices nor it will affect the country in any way.

Daruwala said, “In fact, India has adequate stock of crude oil so as to dictate the buying power. And if we have to stop the import from Iran, we have other countries from where oil can be imported and discussion for the same is going on.”

“The general public should not panic regarding fuel prices or any future crisis regarding fuel. In the last five years, the Petroleum Ministry has created oil reserves. India is well stocked with crude oil. Not only can it survive for the coming two-three months without importing oil but can also dictate the buying power,” said Daruwala.

He further added, “India is the second largest importer of crude oil after China and if it stops importing, the market will crash. We are in a better situation to dictate the market and there is no need to panic,” added Daruwala.

He further said, “It was just an announcement and a lot of things are to be worked out to implement this, so there was no need to panic or worry. With the strategic decision of the Ministry of Petroleum, our country is well prepared with alternatives. India is certainly in the condition to demand its own price.”

“Trading in fuel happens fortnightly, thus today’s fuel price is the result of two weeks ago international prices. In fact, the crude oil rate has already reduced from $75 to around $70 after this announcement. It will reflect in the coming days as the crude oil prices are going to decline in the next 15 days, “ said Daruwala.