India will make a provision in the budget to fill up strategic reserves for crude, media reports quoted oil minister Dharmendra Pradhan as saying, taking advantage of the falling global oil prices. Pradhan was addressing an infrastructure summit. A fall in oil prices to their lowest level in six years will help Finance minister Arun Jaitley reap a fiscal windfall of billions of dollars when he present his first annual budget next month. India, the world´s No 4 crude consumer, is building storage facilities at three locations in the south of the country to hold a total 36.87 million barrels of oil, enough to cover about 13 days of its needs in case of a supply disruption. The first underground facility at Vizag that can hold 9.75 million barrels is ready for commissioning, said RK Pillai, CEO of Indian Strategic Petroleum Reserves Ltd (ISPRL).
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