Petroleum Minister Hardeep Singh Puri on 12 May 2026 Says India Has 60 Days of Crude Oil, 60 Days of Natural Gas and 45 Days of LPG Rolling Stock; Oil Marketing Companies Could Face Quarterly Losses of Up to Rs 1 Lakh Crore if Elevated Crude Prices Persist

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on 12 May 2026 told reporters in New Delhi that India has 60 days of crude oil stock, 60 days of natural gas rolling stock and 45 days of LPG rolling stock, and assured citizens that no fuel rationing is planned. The statement was issued to clarify Prime Minister Narendra Modi's seven-point austerity appeal in which he urged citizens to cut down on unnecessary foreign travel, postpone non-essential gold purchases for a year, reduce fuel consumption, prefer public transport and carpooling and shift towards work-from-home practices to conserve foreign exchange reserves. Puri said state-run Oil Marketing Companies are absorbing losses of approximately Rs 1,000 crore every day to insulate consumers from rising global crude prices linked to the West Asia conflict; under-recoveries have touched nearly Rs 2 lakh crore in the first quarter of 2026 and the OMC quarterly loss could reach Rs 1 lakh crore if elevated international crude prices continue and retail prices in India remain frozen, as they have been for more than 70 days. India's foreign exchange reserves stand at USD 703 billion and the Minister stressed that the country has adequate fuel buffers and that the macroeconomic fundamentals remain stable. The Petroleum Ministry has also instructed Indian Oil, Bharat Petroleum and Hindustan Petroleum to step up domestic refining throughput and accelerate diversification of crude sourcing to maintain energy security.