Take a look at the essential concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here’s your UPSC Current Affairs knowledge nugget on liquefied petroleum gas (LPG) and its reserves. The government has asked public sector oil marketing companies (OMCs)—Indian Oil, Bharat Petroleum, Hindustan Petroleum—to work on a plan to have strategic LPG reserves to meet at least 30 days of demand in addition to their regular commercial stocks. It is still to be worked out whether these additional storage will be in underground caverns—as in the case of strategic crude oil reserves—or in overground tankage. In this regard, let’s understand the importance of this move and the status of LPG reserves and crude oil reserves in India. Key takeaways: What are strategic reserves? 1. Strategic reserves are the government-managed stockpiles of crude oil to be used in case of emergency or supply disruptions. The concept of dedicated strategic reserves was first mooted in 1973, after the first oil crisis.…