Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday stated that India faces no energy shortage, with ample supplies of crude oil, LPG, and natural gas despite concerns from the Iran conflict. Speaking to reporters in Ludhiana, Puri highlighted India's robust reserves and reduced reliance on LPG imports through increased domestic production, as reported by PTI.
Sufficient Stocks of Crude Oil and Natural Gas
Puri confirmed that India holds crude oil stocks for over 60 days and natural gas reserves for a similar period. Regarding LPG, he noted comfortable supplies, with domestic production rising from 32,000 metric tonnes per day to 54,000 metric tonnes, compared to daily consumption of 80,000 metric tonnes. This has cut import dependence, and LPG stocks now suffice for 75-80 days.
Global Oil Prices and Domestic Control
While global oil prices surged due to the Iran conflict, India managed to keep domestic fuel prices stable. Puri shared data from May 2022 to May 2026, showing petrol price hikes of 70% in Pakistan, 66% in Sri Lanka, 47% in France, 46% in Italy, 36% in Bangladesh, and 35% in the US. In contrast, India saw a 3.1% decline. He attributed this to excise duty cuts by the central government in November 2021, May 2022, and recently, including a Rs 10 per litre reduction on petrol and diesel. This move cost the budget Rs 1 lakh crore but prevented financial burden on citizens, as per the Prime Minister's directive.
Diesel Sales Cap and Alternative Fuels
On the 200-litre daily diesel sales cap, Puri explained it aims to curb black marketing. He also promoted alternative fuels, noting 47 E85 fuel pumps in the National Capital Region, expected to rise to 500 by December 2026 and 5,000 by December 2027. LPG users are encouraged to switch to piped natural gas where feasible.
Strong Protest Over Seafarers' Killing
Regarding the killing of three Indian seafarers in a US military strike on a merchant vessel in the Gulf of Oman, Puri said India lodged a strong protest. The US Charge d'Affaires was summoned twice, and External Affairs Minister S. Jaishankar raised the issue with Marco Rubio.
