Hardeep Singh Puri, Minister for Petroleum and Natural Gas. File Image | Photo credit: The Hindu
While assuring the adequacy of retail fuels, Union Petroleum Minister Hardeep Singh Puri expressed concern over losses to oil companies from selling petrol, diesel and liquefied petroleum gas (LPG) as they try to keep prices firm, hinting that if the crisis drags on, the government may have to consider passing on the pressure to domestic consumers.
Speaking at the Confederation of Indian Industry (CII) annual business summit in 2026, Mr Puri mentioned: “How long (losses and under-recovery) it would be, frankly, a concern for oil companies.”
He further said that at the current rate of under-recovery, “one-fourth of the losses can wipe out the net gains made during the last (financial) year”.
For context, as indicated earlier by Mr. Puri, OMCs are staring at a shortfall of up to ₹2,000,000 during the quarter, with losses expected to widen to around ₹1,000,000.
Regarding supplies, the Rajya Sabha MP said at the summit, “(There is) no problem on the supply management side, (there is) no shortage anywhere,” adding, “We have sixty days of oil (crude), which is the maximum we need, sixty days of LNG and we have forty-five days of LPG.”
The Petroleum Minister also informed that India has increased its domestic production of LPG from 35,000 to 36,000 metric tons per day to 54,000 metric tons per day.
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Further, referring to Prime Minister Narendra Modi’s call for careful use of retail fuel, he said it must not have “bizarre designs”.
“When you look at the way it’s happening, uncertainty is too mild a word. He said we also have to look at our lifestyle. There’s no lockdown tomorrow…,” he said.
Published – May 12, 2026 12:59 PM IST
