The Minister categorically stated that retail fuel prices in India have remained unchanged over the last four years despite mounting geopolitical pressures and global market volatility.
File Photo of Hardeep Singh Puri/IANS
Amid continuing disruptions around the strategically crucial Strait of Hormuz, Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday asserted that India faces “no supply-side problems” and has more than adequate reserves of crude oil, LNG and LPG to ensure uninterrupted energy supplies across the country. Urging citizens not to panic, the minister said India has successfully maintained fuel stability even as several countries grapple with shortages and sharp price hikes.
Speaking on the sidelines of the CII Annual Business Summit 2026 in New Delhi, Puri said India currently has around 60 days of crude oil reserves, 60 days of LNG stocks and 45 days of LPG reserves, placing the country in a secure position despite the prolonged uncertainty in global energy supply chains.
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“The country has more than enough stocks of crude oil, LNG and LPG,” the minister said, adding that India had avoided the severe shortages and steep fuel price hikes witnessed in several parts of the world during the ongoing crisis.
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The Minister categorically stated that retail fuel prices in India have remained unchanged over the last four years despite mounting geopolitical pressures and global market volatility.
“In the last four years, there has been no increase in prices. Unlike many countries where prices have surged by 50 to 60 per cent, India has managed the situation effectively,” he said.
#WATCH | Delhi: Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, says, “We have no supply-side problems. Today, the country has more than enough stocks of crude oil, LNG and LPG. When this crisis began, there were some concerns, but we converted the challenge… pic.twitter.com/TOsVezBNtm
— ANI (@ANI) May 12, 2026
According to the Minister, concerns over supply disruptions first emerged on February 28 following escalating tensions and blockades around the Strait of Hormuz, a critical global oil transit route. However, he said India converted the challenge into an opportunity by significantly increasing domestic LPG production.
Puri said India’s LPG production capacity was ramped up from 36,000 metric tonnes per day to 54,000 metric tonnes per day during the crisis period.
“You must have seen there are no shortages anywhere,” he said, underlining that strategic planning and supply management helped maintain stability across the country.
While assuring adequate fuel supplies, the Minister acknowledged that oil marketing companies were under financial pressure due to mounting under-recoveries amid the prolonged disruptions.
Puri said oil companies were losing nearly Rs 1,000 crore every day, with cumulative under-recoveries nearing Rs 1.98 lakh crore.
He also noted that LPG demand had moderated from around 90,000 metric tonnes to nearly 75,000 metric tonnes, partly due to seasonal weather conditions and prudent demand-side management.
The Minister said the government was reviewing the evolving situation on a daily basis in coordination with oil sector companies and emphasised that there was “absolutely no cause for anxiety”.
Referring to Prime Minister Narendra Modi’s recent remarks on responsible energy consumption, Puri said the government was also encouraging voluntary moderation in lifestyle and fuel usage if the global crisis continues for an extended period.
He warned against “panic-creating activity” and said India’s energy management strategy remained firmly under control despite ongoing geopolitical uncertainties in West Asia.
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