- India holds 60 days of crude oil reserves and LNG supply, says Petroleum Minister Puri
- LPG stock in India currently covers 45 days, according to the Union Minister
- Oil marketing companies face daily losses of nearly Rs 1,000 crore amid supply disruptions
Amid the ongoing supply disruptions due to Middle East tensions, Petroleum Minister Hardeep Singh Puri on Tuesday said that India has 60 days of crude oil reserves, LNG supply and 45 days of LPG stock.
Speaking at CII Annual Business Summit 2026, the Union Minister mentioned that oil marketing companies are losing nearly Rs 1,000 crore every day, with quarterly losses estimated at around Rs 1 lakh crore.
Meanwhile, LPG production has been ramped up from 35,000-36,000 tonnes/day to 54,000 tonnes, Puri noted.
Lauding government's efforts on handling the crisis, Puri said, "You said how the last 75 days been. Never any dearth of excitement. It's been a challenge, but I think the message that needs to go across is that we've converted that challenge into an opportunity. No other country in the world, and I say this with a degree of confidence, no other country in the world, which is so heavily into energy. And there's some popular misconception that we're only energy importers.Hey, please, we're also the third largest refiner in the world. We're also the fourth largest exporter in the world..."
He also clarified that the government is not planning to impose lockdown from tomorrow.
The Union Minister backed Prime Minister Narendra Modi's appeal should be considered as a wake up call and urged to start thinking of "measures" to reduce the economic strain due to the Middle East tensions.
"PM Narendra Modi's austerity appeal is a wake up call to start thinking of measures to lessen fiscal strain from West Asia conflict," Puri said at the summit.
On Sunday, PM Modi called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to boost the economy.
In a rally organised by the Telangana BJP in Hyderabad, the prime minister suggested to cut down petrol and diesel consumption and promoted the use of metro rail services in cities, carpooling, increased use of electric vehicles (EVs), utilising railway services for parcel movement, and working from home to conserve foreign exchange.
Emphasising on the need to conserve foreign exchange amid the ongoing crisis, Modi urged to postpone gold purchases and foreign travel for one year.
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