India has 60-day crude oil, gas stocks; 45 days of LPG: Centre
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New Delhi: The Centre on Monday said there is no shortage of petroleum products in the country despite the ongoing West Asia crisis, stating that India currently has reserves of 60 days of crude oil, 60 days of natural gas, and 45 days of LPG rolling stock.
The assurance came during the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia, chaired by Defence Minister Rajnath Singh, where ministers reviewed the evolving conflict situation and discussed measures to minimise its impact on citizens.
According to the government, India remains secure in terms of fuel availability even as several countries across the world have adopted emergency measures to sharply cut domestic consumption due to rising global energy prices.
“India is secure, and there is no shortage of any petroleum product. However, the nation is bearing a huge cost as international crude prices remain at very high levels. Fuel conservation can help reduce this burden,” an official statement said.
The government highlighted that India is the world’s third-largest oil refiner and the fourth-largest exporter of petroleum products, supplying fuel to more than 150 countries while fully meeting domestic demand.
The meeting was also informed that preparations for the kharif 2026 season remain on track. The fertiliser requirement for the season has been estimated at 390.54 lakh metric tonnes (LMT), while current stock levels stand at around 199.65 LMT — more than 51 per cent of the requirement, significantly higher than the usual stock level of around 33 per cent.
Prime Minister Narendra Modi’s recent appeal for public participation in reducing unnecessary consumption was also discussed during the meeting. The government said the appeal was aimed at helping the country manage global economic disruptions, supply chain challenges and rising prices caused by international conflicts.
India, the statement noted, is among the few countries where petroleum prices have remained stable despite more than 70 days of global conflict-driven volatility. In contrast, fuel prices in several countries have risen by 30 to 70 per cent.
According to the Centre, Indian oil marketing companies have absorbed losses of nearly Rs 1,000 crore per day, with under-recoveries in the first quarter of 2026 nearing Rs 2 lakh crore, in order to shield citizens from sharp fuel price hikes.
The IGoM stressed that there is no reason for panic or panic buying of fuel and other essential commodities, stating that adequate supplies are available and current conservation efforts are aimed at long-term preparedness in case the crisis prolongs.
Prime Minister Modi had urged citizens to reduce petrol and diesel consumption by using public transport, metro services and carpooling. He also encouraged people to avoid unnecessary foreign travel, prefer domestic tourism and celebrations within India, and refrain from non-essential gold purchases for a year to help conserve foreign exchange reserves.
The Prime Minister had further appealed to farmers to cut chemical fertiliser usage by 50 per cent, adopt natural farming practices, and increase the use of solar-powered irrigation pumps instead of diesel-operated pumps.
“Ministries and states must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness and responsible consumption behaviour,” Rajnath Singh said during the meeting.
The meeting was attended by Union ministers Jagat Prakash Nadda, Hardeep Singh Puri, Ashwini Vaishnaw, Kiren Rijiju, Rammohan Naidu, Sarbananda Sonowal and Dr Jitendra Singh.
With IANS inputs