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TWO ADDITIONAL FACILITIES UNDER STRATEGIC PETROLEUM RESERVES PROGRAMME

TWO ADDITIONAL FACILITIES UNDER STRATEGIC PETROLEUM RESERVES PROGRAMME

Context

Recently, the government has given approval for establishing two additional facilities under the Strategic Petroleum Reserves (SPR) programme. It was in 2020, India filled its strategic petroleum reserves in view of the slump in crude prices.

New Facilities:

  • The new facilities will be commercial-cum-strategic facilities with a total storage capacity of 6.5 MMT (Million Metric Ton) underground storage in Chandikhol (4 MMT) and Padur (2.5 MMT).
  • They will be built in Public Private Partnership mode under phase II of the SPR Programme.

Existing Facilities:

  • Under Phase I of the Programme, GOI has set up petroleum storage facilities with a total capacity of 5.33 MMT at 3 locations, Visakhapatnam (1.33 MMT), Mangaluru (1.5 MMT) and Padur (2.5 MMT).
  • The petroleum reserves set up under Phase I are strategic in nature and the crude oil stored in these reserves will be utilized during an oil shortage event, as and when declared so by the GOI.

GST Council’s Recommendation:

  • According to section 9(2) of the Central Goods and Services Tax Act, inclusion of excluded products in GST will need recommendation of the GST Council. So far, the GST Council has not made any recommendation for inclusion of petrol and diesel under GST.

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