India has 60 days of oil and natural gas, the central government said on Monday as Defense Minister Rajnath Singh chaired the 5th informal meeting of the Group of Ministers (IGoM) to review energy supplies amid the Middle East war.
Despite volatility in global energy markets, the IGoM said India’s energy security remains strong in the near term and that the country has sufficient ongoing reserves to ensure uninterrupted supply and prevent panic buying.
“The IGoM has been informed that the country is secure and there is no shortage of any petroleum product, even though most other countries have taken emergency measures to dramatically reduce domestic consumption. India has 60 days of oil, 60 days of natural gas and 45 days of LPG fleet,” the Defense Ministry said in a statement.
It said: “Foreign reserves stand at a comfortable $703 billion. India is the third largest oil refiner in the world and the fourth largest exporter of petroleum products, exporting to more than 150 countries and fully meeting domestic demand.”
In a statement, the government said persistently elevated international oil prices pose a significant cost to the economy. It said fuel conservation could help reduce this burden, noting that Prime Minister Narendra Modi had urged consumers to use petroleum products judiciously and avoid unnecessary consumption to ease the country’s fiscal pressure both now and in the future.
Rajnath Singh urges to ‘remain calm and avoid panic’
Addressing X, Singh urged citizens to “remain calm” and assured that measures were being taken to prevent shortages amid global disruptions.
“Government under the leadership of Prime Minister Shri @narendramodi is doing a commendable job in ensuring supply of all essential commodities. I appeal to people to remain calm and avoid any panic as the government is taking concrete steps to prevent shortages or disruption of supply chains,” Singh said.
He added: “Prime Minister Shri Modi’s call for collective participation of people to help the country face global disruptions and challenges will be a significant step towards self-reliance and ensuring energy security. It is the Prime Minister’s broader message of conservation during a challenging global period.”
The statement said Prime Minister Modi called for collective public participation to help the country overcome disruptions in the global economy, supply chain pressures and rising prices caused by international conflicts. He mentioned that his call highlighted the need for prudent use of petroleum products and reduction of unnecessary consumption to ease the nation’s fiscal burden in the short and long term.
Government on Oil Prices, OMC
Meanwhile, the government said India was one of the few countries where fuel prices remained unchanged despite more than 70 days of conflict-related volatility in global markets, noting that by contrast oil prices in many other countries had risen by 30 to 70%.
Indian oil marketing companies absorb almost losses ₹1,000 crore a day, with insufficient returns he estimates close to ₹2 lakh crore in the first quarter of 2026 to protect consumers from the surge in international oil prices, the statement said.
She emphasized that there was no cause for concern and urged citizens not to rush to gas stations and ensure that sufficient supplies were available across the country.
