Oil Minister Hardeep Singh Puri ruled out any sudden increase in fuel prices. Clarifying on the assumption that petrol prices will rise suddenly because of Iran-US war especially when Assembly Elections are over, he highlighted how petrol and diesel prices have remained relatively stable in the past 4 years.
“There won’t be sudden price hike for petrol after the election. There has been no price hike in petrol for the past four years. There are no dry-outs at petrol pumps, and LPG supply is more than enough,” the Minister explained.
India has fuel reserves for up to 60 days: Puri
He also said that India will need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices at some stage. According to Reuters, Fuel retailers have incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol.
Oil Minister also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days. “India never imported liquefied natural gas from Russia,” the Minister said at an industry event.
| Fuel reserves | Availability |
|---|---|
| Crude oil | 60 days |
| LNG | 60 days |
| LPG | 45 days |
No longer import-dependent for LPG: Puri
Speaking on the other key concern – LPG availability and prices he added that India has enough LPG supply and it has also ramped up domestic production. “We have ramped up LPG production. “Our domestic production has increased to 54,000 metric tonnes per day from 35,000–36,000 metric tonnes per day prior to the war.” Puri said.
| Indicator | Earlier level | Current level | Additional detail |
|---|---|---|---|
| LPG production | 35,000–36,000 metric tonnes/day | 54,000 metric tonnes/day | Domestic production ramped up |
| LPG consumption | 90,000 metric tonnes/day | 75,000 metric tonnes/day | Could fall further to 72,000 metric tonnes/day |
While speaking at CII Annual Business Summit 2026, Puri said that LPG consumption has been brought down slightly because of weather also and not only due to LPG crisis. “We have brought consumption down slightly to 75,000 metric tonnes from 90,000 metric tonnes, partly because of the weather as well. It may come down to 72,000 metric tonnes too. But we are no longer import-dependent,” Puri aded.
No immediate risk of lockdown
He also assuaged fears and ruled out immediate lockdown risks. “It is not that a lockdown is coming tomorrow, but oil companies are losing Rs 1,000 crore every day, and there have been 75 days of uncertainties due to the war. It is time to look at our lifestyle.”
His statements came a few days after PM Modi urged citizens to use petrol, diesel and cooking gas carefully and avoid wastage.