New Delhi, March 19: Pakistan has limited petroleum reserves, with crude oil stocks sufficient for just 11 days, raising concerns over energy security amid disruptions caused by the ongoing Middle East conflict, a report has said.

Briefing the Senate Standing Committee on Petroleum, the secretary petroleum said the country currently has diesel reserves for 21 days, petrol for 27 days, liquefied petroleum gas (LPG) for nine days and jet fuel for 14 days, according to a report in The Express Tribune.

Nearly 70 per cent of Pakistan’s petroleum imports come from the Middle East, and the ongoing conflict has disrupted key shipping routes and supply chains, the official said.

Pakistan is in talks with Iran to secure permission for oil shipments through the Strait of Hormuz, which could allow four vessels to transport crude cargoes if approved.

Officials also warned of a potential gas crisis, with the country likely to face a severe shortage after April 14 due to disruptions in liquefied natural gas (LNG) supplies.

Of the eight LNG cargoes expected in March, only two reached Pakistan, while several shipments scheduled for April may also be affected.

The report also said that the conflict has also led to a sharp rise in global oil prices, with high-speed diesel prices increasing significantly and petrol costs also witnessing a steep jump. Shipment timelines have been impacted as well, with deliveries via the Red Sea now taking nearly 12 days compared to the usual four to five days, it said.

Moreover, authorities are considering measures to prioritise gas supply for domestic consumers, while reducing supply to industries and commercial users to manage shortages.

In a relief measure, the government has decided to provide a subsidy of Rs 23 billion to around 30 million motorcycle and rickshaw owners, funded through savings from austerity measures.

Meanwhile, the government has initiated daily reviews of petroleum stocks to closely monitor the situation.

“The country currently has adequate fuel availability for March, with arrangements in place to ensure supplies through mid-April,” according to officials.

New Delhi, March 19: The Reserve Bank of India (RBI) on Thursday said that HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, professionally run board and competent management team, after the resignation of part-time chairman Atanu Chakraborty over alleged “ethical differences” in one of the biggest private lenders.

The Central Bank said in a statement that it has taken note of the recent developments in HDFC Bank.

“A transition arrangement as requested by the Bank has been approved by Reserve Bank as regards the position of Part Time Chairman of the Bank,” said the RBI.

It added that basis its periodical assessment, “there are no material concerns on record as regards its conduct or governance”.

“The bank remains well-capitalised and the financial position of the bank remains satisfactory with sufficient liquidity. Reserve Bank will continue to engage with the Board and management on the way forward,” said the Central Bank in a statement.

Chakraborty had resigned citing differences with the lender over “values and ethics”.

The RBI approved the appointment of long-time group insider Keki Mistry as an interim part-time chairman for three months, effective March 19, the bank said in its exchange filing.

Mistry sought to reassure investors and analysts that there are “no major issues” at the bank following the sudden resignation of Chakraborty, even as the bank shares came under pressure.

Speaking on a conference call, Mistry said he would not have accepted the interim role if it did not align with his values and principles. “I would not have taken this responsibility at the age of 71 if it is not aligning to my values and principles,” Mistry said.

There was no power struggle in the bank as you put it, he said, adding that “there was nothing substantive”.

He further stated that the fact that RBI are comfortable with what is going on in the bank is reflected in the fact that, “within a short period of time, they approved my appointment for three months”.

Mumbai, March 19: Indian equity markets opened sharply lower on Thursday, tracking weak global cues as escalating geopolitical tensions in the Middle East triggered a surge in crude oil prices.

Sensex plunged 1,953 points or 2.55 per cent to 74,750, while Nifty also witnessed heavy selling pressure, declining 580 points or about 2.4 per cent, before recovering a bit in early trade.

Among stocks, HDFC Bank, Shriram Finance, Larsen & Toubro (L&T), TMPV, Axis Bank, HDFC Life and IndiGo plunged up to 4 per cent in morning trade.

Across sectors, broad-based selling was witnessed, with financials and auto stocks leading the decline. The Nifty Private Bank index fell over 3 per cent, while Nifty Financial Services, Nifty Auto and Realty indices declined more than 2 per cent each.

The sharp fall comes amid a spike in crude oil prices, with Brent crude futures jumping nearly 5 per cent to $112.83 per barrel, close to its all-time high of $112.87. Meanwhile, WTI crude futures were trading at $100.02 per barrel.

“Technically, immediate support for Nifty is placed in the 23,250–23,150 range, while resistance is seen around 23,900–23,950. The RSI at 37.04 indicates early signs of recovery from oversold levels, but a sustained move above resistance is needed to confirm momentum,” said Hitesh Tailor, Research Analyst at Choice Broking.

The rise in oil prices followed heightened tensions after Iran launched a missile attack on Qatar’s Ras Laffan gas facility, one of the world’s largest LNG hubs.

The situation has escalated further after coordinated US-Israel airstrikes targeted Iran’s South Pars gas field and oil infrastructure in Asaluyeh, a key energy hub.

The sharp fall in early trading wiped out most of the gains recorded earlier this week, when both indices had risen around 3 per cent, with the Sensex gaining over 2,000 points and the Nifty about 600 points.

Meanwhile, Asian markets also experienced significant declines, with major indices such as the Nikkei, the Hang Seng, and the KOSPI each down by up to 3 per cent.