New Delhi [India], March 10 : Rajya Sabha MP Sanjay Singh on Tuesday submitted a notice under rule 267 of the Upper House, seeking to suspend matters of the house and discuss the ongoing West Asia conflict.
The Aam Aadmi Party (AAP) MP has said that the ongoing conflict "poses serious risks" for India's trade, economy and energy security, as crude prices shot up due to uncertainty in maintaining safety over global shipping routes.
The Israel-US attacks and Iran's subsequent retaliation has disrupted maritime traffic on Strait of Hormuz, disrupting potentially the passage of nearly 20 per cent of global petroleum supply.
"Missile attacks on strategic hubs and threats to maritime lanes have increased instability around the Strait of Hormuz, one of the world's most crucial energy choke points, through which a large portion of global oil and gas shipments pass. This situation poses serious risks for India," the AAP MP wrote in his notice.
India imports more than 85 percent of its crude oil requirement, a large portion of which comes from West Asia. Nearly half of India's crude oil imports and a significant portion of Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) shipments go through the area, Singh said.
"According to reports, about 85 percent of India's LPG imports and about 55 percent of LNG imports pass through this route. Any disruption in this can seriously impact India's energy security and fuel supply," he added.
Notably, sources in Parliament have said a discussion in the house on the conflict is unlikely, as according to parliamentary rules, there are no provisions for a discussion if a suo motto statement is made by a minister on an urgent matter, said sources.
This comes a day after EAM S Jaishankar briefed the Rajya Sabha regarding the conflict situation in West Asia, stating that "the Prime Minister continues to closely monitor the emerging developments, and relevant ministries are coordinating to ensure effective responses."
Following the disruption, global crude and petroleum prices inched near the USD 100 per barrel mark. However, government sources have said that Petrol and diesel prices in India are unlikely to increase, unless and until crude oil prices breach the USD 130 per barrel mark.
The fuel prices are unlikely to increase as India has enough stock, the sources said, adding that as per current projections, crude is expected to remain around USD 100 per barrel.
"We expect crude oil prices to be around USD 100 per barrel," one of the sources said, adding that there was no shortage of petrol and diesel at any pump in the country.
Last week, Government sources had said that Australia and Canada have offered to sell gas to India as the country looks for other alternative energy sources amid the escalating West Asia conflict.
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