Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said India has maintained stable fuel prices for the past four years and currently possesses sufficient reserves of crude oil, LNG and LPG despite ongoing disruptions around the Strait of Hormuz.
Speaking on the sidelines of the CII Annual Business Summit 2026 in New Delhi, the minister assured that the country was facing no supply-side concerns even as several nations struggled with rising energy prices and shortages amid global uncertainty.
India Stable Despite Global Energy Disruptions
Puri said India had successfully managed the impact of disruptions around the Strait of Hormuz, a crucial global energy shipping route, while many countries witnessed steep increases in fuel prices.
“In the last four years, there has been no increase in prices. Today, we are in a situation where unlike other countries in the world, which have had to either face severe problems in terms of availability and supply, or where prices have gone up 50-60 per cent,” he said.
The minister noted that the current supply uncertainty linked to the Strait of Hormuz began on February 28 and has now entered its 75th day.
Domestic LPG Production Increased
Highlighting the government’s response to the crisis, Puri said India converted the challenge into an opportunity by significantly increasing domestic LPG production.
“When this crisis began, there were some concerns, but we converted the challenge into an opportunity. We have ramped up our domestic production of LPG, which used to be 36,000 metric tons per day. We have now taken it up to 54,000 metric tons per day,” he said.
The increase in domestic output has helped maintain uninterrupted LPG supply across the country despite global disruptions.
India Holds Strong Fuel Reserves
The minister stated that India currently has more than adequate stocks of major energy resources.
According to Puri, the country possesses:
- 60 days of crude oil reserves
- 60 days of LNG stocks
- 45 days of LPG reserves
“Let me tell you categorically, we have no supply side problems. The country has more than enough stocks of crude oil, LNG and LPG,” he said.
Oil Companies Facing Heavy Losses
Puri, however, acknowledged that oil marketing companies were under financial pressure due to prolonged under-recoveries during the ongoing crisis.
He said public sector oil companies were collectively losing around Rs 1,000 crore per day, while total under-recoveries had reached nearly Rs 1.98 lakh crore.
The minister also noted that LPG demand had declined from 90,000 metric tonnes to around 75,000 metric tonnes, partly due to changing weather conditions.
Government Monitoring Situation Daily
Puri said the government was continuously monitoring the energy situation and maintaining close coordination to ensure supply stability across the country.
While urging citizens not to panic, he also suggested voluntary moderation in certain activities if the crisis continues for a prolonged period.
The statement comes amid growing global concerns over energy security and supply chain disruptions linked to tensions in West Asia and shipping movements through the Strait of Hormuz.
