New Delhi, May 12 (UNI) India has adequate crude and LPG stocks and no immediate supply crisis, union Petroleum Minister Hardeep Singh Puri said on Tuesday, while highlighting that the country is maintaining strong energy buffers despite global volatility in oil markets.
Speaking at the CII Annual Business Summit 2026, the minister said that India currently holds around 60 days of crude oil reserves and liquefied natural gas (LNG) as well as 45 days of liquefied petroleum gas (LPG), adding that these levels are sufficient to ensure stability in domestic supply.
“We have 60 days of crude, which is the max we need. We have 60 days of LNG and 45 days of LPG,” Puri said, stressing that India’s energy preparedness remains strong even amid global price fluctuations and supply pressures.
The minister also acknowledged financial stress in the oil marketing sector, stating that oil companies are facing losses of around Rs 1,000 crore per day. He added that under-recoveries are Rs 198,000 crore and cumulative losses incurred by these companies are estimated at nearly Rs 1 lakh crore for the current quarter.
"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 minster further highlighted that the LPG demand had also moderated from 90,000 metric tonnes to around 75,000 metric tonnes, partly due to seasonal factors, and credited supply-demand management for maintaining overall stability in the system.
Earlier on Monday, the Centre reiterated Prime Minister Narendra Modi’s appeal for citizens to reduce fuel consumption. Officials urged people to use public transport, carpool where possible, and adopt electric vehicles and rail freight to ease pressure on energy demand and support conservation efforts.
Sujata Sharma, joint secretary for ministry of petroleum & natural gas, said, "I would like to convey to you that the Prime Minister has urged all citizens of the country to reduce their consumption of petrol and diesel. Wherever possible, utilise the Metro and public transportation; opt for carpooling; prioritise railways as a mode of transportation for goods; and wherever feasible, increase the usage of electric vehicles. Let us all come together and make every possible effort to conserve energy in our daily lives, so that the economic burden currently weighing upon the nation may be alleviated."
Sharma said, "Our refineries are operating at optimum levels. There are no instances of dry-outs at any retail outlets. Nor have any dry-outs been reported at LPG distributorships. Adequate stocks of petrol and diesel are available, and LPG supplies for domestic cooking purposes are being maintained. Over the past three days, 1 crore 26 lakh LPG cylinders have been delivered to households against 1 crore 14 lakh bookings. Similarly, sales of commercial LPG have exceeded 17,000 tonnes over the last three days. Sales of Auto LPG have also surpassed 762 tonnes..."
Meanwhile, global oil prices continued to rise, with the Brent Crude Oil prices extended their rally. Brent crude futures were up 30 cents, or 0.29%, at $104.51 a barrel, while US West Texas Intermediate rose 31 cents, or 0.32%, to $98.38.
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