Union Petroleum Minister Hardeep Singh Puri said India has sufficient crude oil, LNG, and LPG stocks despite disruptions in the Strait of Hormuz.
The assurance comes as geopolitical tensions threaten oil shipments through one of the world's most critical maritime chokepoints, raising fears of domestic energy shortages.
Puri said there is no shortage of fuel anywhere in the country [2]. He said that India has maintained stable energy supplies during the crisis to shield citizens from global price shocks [4]. To further combat volatility, the government implemented an excise duty cut of ₹10 per litre on both petrol and diesel [3]. This measure brought the petrol rate to ₹3 per litre and reduced the diesel tax to zero [3].
To offset these losses and manage the market, the government imposed a windfall tax of ₹21.5 per barrel on oil companies [3]. Puri said the nation has long-term readiness, stating that the country strategically holds enough energy for 74 days [1]. He said that the government continues to expand this capacity to ensure future security.
Regarding consumer costs, Puri said retail fuel prices have remained unchanged for the past four years [1]. However, reports on the current state of specific fuel types vary. While the minister said that LPG stocks are sufficient [2], other reports indicate that LPG availability remains tight [5].
The minister said the public should not panic and criticized those questioning the government's strategy. He said that critics should conduct more research before challenging the administration's approach to fuel saving and energy management [1].
“There is no shortage of fuel anywhere in the country.”
India's reliance on the Strait of Hormuz makes its energy security vulnerable to Middle Eastern instability. By emphasizing a 74-day strategic reserve and utilizing fiscal tools like windfall taxes and excise cuts, the government is attempting to decouple domestic retail prices from volatile global benchmarks to maintain economic stability.
