NEW DELHI – Union Minister of Petroleum and Natural Gas Hardeep Singh Puri confirmed on Tuesday that India has successfully avoided fuel price hikes for four consecutive years, despite significant global disruptions. Speaking at the CII Annual Business Summit 2026, the Minister reassured the public that the nation maintains “more than enough” energy reserves to withstand ongoing international volatility.
The Minister’s remarks come as supply routes through the Strait of Hormuz remain disrupted for the 75th day, a situation that has seen energy prices spike by 50–60% in many other nations.
Robust Energy Reserves
To ensure uninterrupted supply across the country, India has secured substantial strategic and operational stocks:
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Crude Oil: 60 days of reserves.
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LNG: 60 days of reserves.
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LPG: 45 days of reserves.
Converting Challenges into Opportunities
Minister Puri highlighted that the government has used the current crisis to bolster domestic self-reliance. Notably, domestic LPG production has been ramped up from 36,000 metric tons per day to 54,000 metric tons, significantly reducing the impact of import delays.
Managing Financial and Demand Pressures
While supply remains stable, the Minister acknowledged the financial burden on Oil Marketing Companies (OMCs).
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Under-recoveries: Oil companies are currently absorbing losses of approximately ₹1,000 crore per day, with total under-recoveries nearing ₹1.98 lakh crore.
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Demand Trends: Daily LPG demand has moderated to 75,000 metric tonnes, down from 90,000, aided by seasonal weather changes and prudent management.
A Call for Prudence
While categorically stating there are “no supply-side problems,” the Minister urged against panic. However, he echoed recent government calls for voluntary moderation in energy-intensive activities should the regional conflict in West Asia prolong, ensuring that national resources are preserved for essential services.
