India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday.
India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.
Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said.
The stocks will be sold to Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corp Ltd (HPCL) which are connected by pipeline to the strategic reserves.
“We may look at releasing more reserves later,” the official said adding a formal announcement was expected later in the day.