Key facts
- Union Minister Hardeep Singh Puri stated India has no energy shortage.
- Supply of crude oil, LPG, and natural gas is comfortable.
- India holds over 60 days of stock for crude oil and natural gas.
- LPG stock is sufficient for 75-80 days.
- Fuel prices in India decreased by 3.1% from May 2022 to May 2026.
- Fuel prices increased significantly in Pakistan, Sri Lanka, France, Italy, Bangladesh, and the US during the same period.
Union Minister Hardeep Singh Puri stated on Saturday that India has a comfortable supply of energy, including crude oil, LPG, and natural gas, with substantial stock levels. Speaking to reporters in Ludhiana, Puri highlighted that while fuel prices have risen considerably in many countries due to factors like the Iran conflict, India has seen a decrease of 3.1% in petrol prices between May 2022 and May 2026. He contrasted this with price hikes in Pakistan (70%), Sri Lanka (66%), France (47%), Italy (46%), Bangladesh (36%), and the US (35%).
Puri attributed the stable fuel prices in India to Prime Minister Narendra Modi's decision to reduce central excise duty on petrol and diesel three times, which he said placed an additional burden of Rs 1 lakh crore on the budget but aimed to alleviate financial pressure on citizens. He noted that despite global price increases, petrol and diesel prices in India rose by only Rs 7.60 per liter.
The minister also addressed supply logistics, stating that India has over 60 days of stock for crude oil and natural gas, and 75-80 days for LPG. He mentioned efforts to increase domestic LPG production and reduce import dependence, while also encouraging a shift to piped gas. Puri announced plans to expand the network of E85 fuel pumps, aiming for 500 by December 2026 and 5,000 by December 2027.
Regarding international incidents, Puri confirmed that India has lodged a strong protest with the US over the killing of three Indian seafarers in a US military strike on a merchant vessel in the Gulf of Oman. He noted that India's External Affairs Minister S Jaishankar had raised the issue with US Secretary of State Marco Rubio.