Business EconomyPosted at: May 11 2026 5:15PM


India has 60 days of crude, gas stocks; no shortage fears: Govt

New Delhi, May 11 (UNI) The union government today sought to reassure citizens amid rising concerns over the escalating West Asia conflict, asserting that India has sufficient reserves of key petroleum products and that there is no reason for panic buying or fear of shortages.
Chairing the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia at Kartavya Bhawan in the national capital, Defence Minister Rajnath Singh reviewed the evolving regional situation and directed ministries to ensure that global disruptions do not impact Indian citizens.
The meeting was attended by union ministers including J. P. Nadda, Hardeep Singh Puri, Ashwini Vaishnaw, Kiren Rijiju, Kinjarapu Rammohan Naidu, Sarbananda Sonowal and Jitendra Singh.
Officials informed the ministers that India currently holds 60 days of crude oil reserves, 60 days of natural gas stocks and 45 days of LPG rolling stock, ensuring that domestic demand remains fully met despite turbulence in global energy markets.
“The country is secure, and there is no shortage of any petroleum product,” officials told the meeting, while noting that India continues to maintain stable fuel supplies even as many countries have introduced emergency consumption controls.
India currently has foreign exchange reserves of nearly USD $703 billion, while its refining capacity continues to remain robust. Officials said India is now the world’s third-largest oil refiner and the fourth-largest exporter of petroleum products, supplying fuel to more than 150 countries.
Despite the strong supply position, the government acknowledged the financial strain caused by rising international crude prices.
Officials said public sector oil marketing companies are currently absorbing losses of nearly Rs 1,000 crore per day, while under-recoveries have touched nearly Rs 2 lakh crore in the first quarter of 2026, ensuring that the burden is not passed on to consumers.
There is “no reason for anxiety, and no reason for any citizens to rush to retail outlets,” officials emphasised during the meeting.
Rajnath Singh directed ministries and state governments to implement Prime Minister Narendra Modi’s call for responsible fuel usage.
“Ministries and States must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness, and responsible consumption behaviour,” Singh said.
Earlier in the day, PM Modi had urged citizens to reduce fuel consumption by increasing the use of public transport, opting for carpooling, avoiding unnecessary foreign travel and limiting non-essential purchases.
The Prime Minister also called on farmers to reduce chemical fertiliser usage by 50 per cent, adopt natural farming methods and increase the use of solar-powered irrigation systems.
Following the meeting, Singh reiterated that the government was fully prepared to deal with any disruption arising out of the West Asia conflict.
In a post on X, he said, “All concrete steps are being taken to prevent shortages or disruptions in supply chains. People must remain calm.”
The Defence Minister stressed that India’s immediate priority was to protect its economic and energy interests amid global uncertainty.
“Government’s primary focus is to ensure that energy flows remain uninterrupted, economic stability is maintained and maritime trade routes remain secure,” he said.
He also called for long-term structural reforms in India’s energy sector, including faster expansion of renewable energy sources, diversification of imports and strengthening strategic reserves.
Warning that global crises now have far-reaching consequences, Singh said, “We need to focus on strategic crisis anticipation, early warning assessment, scenario planning and timely whole-of-government preparedness.”
The ministers were also briefed on recent economic support measures for industries impacted by the crisis, particularly MSMEs.
Officials said the union Cabinet recently approved the Emergency Credit Line Guarantee Scheme 5.0, aimed at providing an additional credit flow of Rs 2.55 lakh crore to businesses, including full credit guarantee support for MSMEs.
The Finance Ministry has also issued force majeure relief measures for companies facing contractual delays due to disruptions caused by the ongoing crisis.
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