India Has 60 Days of Crude Oil, 45 Days of LPG Stock: Govt

India is the world's third-largest oil refiner and fourth-largest exporter of petroleum products, exporting to over 150 countries and is meeting domestic demand in full, according to the outcomes of the 5th meeting of the Informal Group of Ministers (IGoM) on West Asia, chaired by Defence Minister Rajnath Singh.

For kharif 2026, the fertiliser requirement has been assessed at 390.54 LMT, and against this, stock as on today is around 199.65 LMT (more than 51 per cent), significantly higher than the usual level of about 33 per cent, the meeting was informed.

The meeting took stock of the latest developments in the conflict and discussed ways to bolster India's readiness to ensure its minimum effect on the people.

The IGoM was informed that the country is secure, and there is no shortage of any petroleum product, even as most other nations have taken emergency measures to dramatically reduce domestic consumption.

"But there is a huge cost being borne by the nation as international crude prices continue at very high levels. Fuel conservation can ease this burden," an official statement said.

Prime Minister Narendra Modi's appeal to the people for collective participation to help the country deal with global economic disruptions, supply chain challenges and rising prices caused by international conflicts has, thus, emphasised prudence in the usage of petroleum products and reducing wasteful consumption, so that the fiscal burden on the nation is reduced in the present and into the future, it added.

India is 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 started.

In many nations, prices have increased by 30 to 70 per cent. However, India's oil marketing companies have absorbed losses of close to Rs 1,000 crore a day, with under-recoveries running to nearly Rs 2 lakh crore in Q1 2026, so that the burden of global astronomical prices is not passed to the Indian citizens.

There is no reason for anxiety, and no reason for any citizens to rush to retail outlets, said the IGoM.

The ministers were informed that there is a surplus amount of essential commodities for the people, and the present conservation is intended towards long-run capacity building if the crisis prolongs. The supply management has been good, and the people need not panic or resort to overpurchasing of fuel and other products.

PM Modi exhorted the people to reduce petrol and diesel consumption by using metros and public transport, opting for carpooling; help conserve foreign exchange reserves by refraining from unnecessary foreign travel, choosing domestic tourism & celebrations within India, and avoiding non-essential gold purchases for a year.

He had urged the farmers to reduce chemical fertiliser usage by 50 per cent, move towards natural farming practices, help protect soil health and reduce import dependence, and encourage wider adoption of solar-powered irrigation pumps instead of diesel pumps in agriculture.

"Ministries and states must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness, and responsible consumption behaviour," Rajnath Singh said.

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.

- IANS