Union Petroleum Minister Hardeep Singh Puri on Tuesday reassured about the adequacy of retail fuels, even as he placed his concerns about oil-marketing companies’ losses from the sale of petrol, diesel and liquified petroleum gas (LPG) as they seek to hold prices firm.
Speaking at the industry Confederation of Indian Industries’ (CII) Annual Business Summit 2026, Minister Hardeep Singh Puri assured that there is no fuel supply shortage in the country amid the ongoing West Asia conflict. He said the government has ramped up LPG production from 35,000-36,000 tonnes per day to nearly 54,000 tonnes as part of contingency measures taken by the Centre.
The Oil minister indicated that should the crisis prolong, the government may have to consider passing on the pressure to domestic consumers as well.Puri mentioned, “How long [the losses and under-recoveries] would oil-marketing companies be able to take it frankly, that is something that worries me.”
The Minister said that while many nations have faced skyrocketing prices and fuel shortages over the last few months, India has managed to keep domestic prices relatively stable.He said, country maintains a buffer stock of 60 days for crude oil and LNG, and 45 days for LPG, ensuring there is no immediate threat of a shortage. Puri further urged industry leaders and it’s constituents to shift from LPG to LNG and move towards green energy.
Puri, who heads the Ministry of Petroleum and Natural Gas, said there is no LPG supply issue and the country has 69 days of crude oil, LNG stock and 45 days of LPG stock.The Oil Minister said PM Narendra Modi's austerity appeal should be taken as a wake up call and urged to start thinking of "measures" to lessen fiscal strain from West Asia conflict.
"PM Narendra Modi's austerity appeal is a wake-up call to start thinking of measures to lessen fiscal strain from West Asia conflict," Puri said at the summit.Pertinently, PM Modi on Sunday called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy.
Addressing a rally organised by the Telangana BJP in Hyderabad, he suggested reducing petrol and diesel consumption, using metro rail services in cities, carpooling, increased use of electric vehicles (EVs), utilising railway services for parcel movement, and working from home to conserve foreign exchange amid the crisis in West Asia.
Stressing the need to conserve foreign exchange amid the crisis, Modi called for postponing gold purchases and foreign travel for one year.
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