The Indian government on Monday, 11 May assured citizens that there is no shortage of any petroleum product amid the ongoing West Asia crisis, disclosing that the country holds 60 days of crude oil stock, 60 days of natural gas, and 45 days of LPG rolling stock. The assurance came following the 5th meeting of the Informal Group of Ministers (IGoM) on West Asia, chaired by Defence Minister Rajnath Singh in New Delhi.

India's Petroleum Security Position

The IGoM was informed that India is the world's third-largest oil refiner and fourth-largest exporter of petroleum products, supplying to over 150 countries while fully meeting domestic demand. Officials stated that the country remains secure even as most other nations have been forced to take emergency measures to dramatically reduce domestic consumption.

India is also among the few countries where petroleum prices have held steady through this period of global volatility, even after more than 70 days since the conflict began. In many nations, prices have risen by 30 to 70 per cent during the same period.

The Hidden Cost: ₹1,000 Crore a Day in Losses

While citizens have been shielded from price shocks, the fiscal burden on the state has been enormous. India's oil marketing companies have been absorbing losses of close to ₹1,000 crore a day, with under-recoveries running to nearly ₹2 lakh crore in Q1 2026 alone. The government has chosen to absorb these losses rather than pass the burden of globally elevated crude prices to Indian consumers.

Notably, this approach — while socially protective — raises long-term questions about the financial health of public-sector oil marketing companies and their capacity to sustain such losses if the conflict and elevated crude prices persist beyond the current quarter.

Fertiliser Stocks Comfortable for Kharif Season

The meeting also reviewed agricultural input availability. For Kharif 2026, the fertiliser requirement has been assessed at 390.54 LMT. Against this, current stock stands at approximately 199.65 LMT — representing more than 51 per cent of assessed need, significantly higher than the usual buffer level of around 33 per cent.

PM Modi's Conservation Appeal

Prime Minister Narendra Modi has called on citizens to participate collectively in reducing the fiscal burden caused by global economic disruptions, supply chain challenges, and rising international prices. Specifically, he urged the public to reduce petrol and diesel consumption by using metros and public transport, and by opting for carpooling.

Modi also urged citizens to conserve foreign exchange reserves by refraining from unnecessary foreign travel, choosing domestic tourism, and avoiding non-essential gold purchases for at least a year. Farmers were asked to reduce chemical fertiliser usage by 50 per cent, shift towards natural farming practices, and adopt solar-powered irrigation pumps in place of diesel pumps.

Government's Message: No Panic, No Rush

The IGoM categorically stated there is no reason for anxiety, and no reason for citizens to rush to retail outlets or engage in panic-buying of fuel and other products. Ministers were informed that essential commodities are in surplus, and the current conservation push is aimed at long-term capacity building should the crisis prolong.

Defence Minister Rajnath Singh directed that ministries and states must, in a coordinated manner, identify measures to institutionalise fuel efficiency, public awareness, and responsible consumption behaviour.

The meeting was attended by Chemicals and Fertilisers Minister Jagat Prakash Nadda, Petroleum and Natural Gas Minister Hardeep Singh Puri, Railways Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Kiren Rijiju, Civil Aviation Minister Rammohan Naidu, Ports, Shipping, and Waterways Minister Sarbananda Sonowal, and Minister of State (Independent Charge) Dr Jitendra Singh.

With the conflict showing no immediate signs of resolution, the government's next steps on pricing policy and oil company support will be closely watched in the weeks ahead.