Petroleum Minister Acknowledges Potential for Fuel Price Increase Due to OMCs Financial Losses

During his address at the Confederation of Indian Industry (CII) Annual Business Summit 2026, Union Petroleum and Natural Gas Minister Hardeep Puri announced that India currently maintains a stockpile of 60 days worth of crude oil and liquefied natural gas (LNG). He also highlighted that the country has a rolling stock of liquefied petroleum gas (LPG) sufficient for 45 days.

This statement underscores Indias focus on energy security and its efforts to ensure a stable supply of vital energy resources amid fluctuating global energy markets. The current reserves are especially significant as India works to reduce its dependence on foreign oil and enhance its domestic production capabilities. The government has been implementing various initiatives aimed at boosting indigenous oil production and developing alternative energy sources to address the growing energy demands of its population.

Puris remarks were part of a broader discussion on the future of the energy sector in India, including the transition to renewable energy sources, improving infrastructure, and achieving sustainability goals in line with international commitments.