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India has adequate stocks of crude oil, petrol, diesel and LPG, and there is no need for panic buying despite rising geopolitical tensions in West Asia and concerns over disruptions in the Strait of Hormuz, senior government officials said on Monday.
The assurance comes as global energy markets remain on the edge over prolonged uncertainty in the region, a key route for global oil shipments.
Addressing a media briefing, Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, said India has taken “adequate measures” to maintain crude inventories and ensure uninterrupted fuel availability across the country. “We have sufficient stocks of crude, petrol, diesel and LPG.
"Refineries are working at full capacity,” she said, adding that the ministry will work on additional austerity measures in due course to help reduce economic pressure on the country. Sharma also noted that the possible closure of the Strait of Hormuz continues to impact global energy supplies.
Also Read: Why PM Modi wants Indians to avoid buying gold for a year
The comments follow Prime Minister Narendra Modi’s appeal on May 10 urging citizens to use petrol, diesel and other imported fuels judiciously amid global uncertainty and rising fuel and fertiliser prices linked to ongoing international conflicts.
Speaking in Hyderabad, PM Modi said efficient consumption of resources would help save foreign exchange and reduce the economic burden on the country. Clarifying the government’s stance, Sharma said the Prime Minister’s message was only aimed at encouraging efficient use of resources and that there was “no need for any concern.”
The government also highlighted ongoing efforts to expand cleaner fuel adoption, with Sharma stating that 7.29 lakh new PNG consumers have been added, while around 22,000 PNG consumers have voluntarily surrendered LPG connections. LPG inventories, she said, continue to remain comfortable.
On the fertiliser front, Aparna Sharma, Additional Secretary in the Department of Fertilisers, said the government has stepped up state-level enforcement to prevent hoarding and black marketing ahead of the Kharif season.
Also Read: PM Modi’s natural farming push hits fertiliser stocks: What changes for farmers and the economy
“There was panic buying initially, but as of now the situation is under control,” she said, adding that India has already imported 19.94 lakh metric tonnes of fertilisers so far. She also said the government is promoting balanced fertiliser usage and has allocated ₹1.77 lakh crore in this year’s budget for the sector.
The assurance comes as global energy markets remain on the edge over prolonged uncertainty in the region, a key route for global oil shipments.
Addressing a media briefing, Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, said India has taken “adequate measures” to maintain crude inventories and ensure uninterrupted fuel availability across the country. “We have sufficient stocks of crude, petrol, diesel and LPG.
"Refineries are working at full capacity,” she said, adding that the ministry will work on additional austerity measures in due course to help reduce economic pressure on the country. Sharma also noted that the possible closure of the Strait of Hormuz continues to impact global energy supplies.
Also Read: Why PM Modi wants Indians to avoid buying gold for a year
The comments follow Prime Minister Narendra Modi’s appeal on May 10 urging citizens to use petrol, diesel and other imported fuels judiciously amid global uncertainty and rising fuel and fertiliser prices linked to ongoing international conflicts.
Speaking in Hyderabad, PM Modi said efficient consumption of resources would help save foreign exchange and reduce the economic burden on the country. Clarifying the government’s stance, Sharma said the Prime Minister’s message was only aimed at encouraging efficient use of resources and that there was “no need for any concern.”
The government also highlighted ongoing efforts to expand cleaner fuel adoption, with Sharma stating that 7.29 lakh new PNG consumers have been added, while around 22,000 PNG consumers have voluntarily surrendered LPG connections. LPG inventories, she said, continue to remain comfortable.
On the fertiliser front, Aparna Sharma, Additional Secretary in the Department of Fertilisers, said the government has stepped up state-level enforcement to prevent hoarding and black marketing ahead of the Kharif season.
Also Read: PM Modi’s natural farming push hits fertiliser stocks: What changes for farmers and the economy
“There was panic buying initially, but as of now the situation is under control,” she said, adding that India has already imported 19.94 lakh metric tonnes of fertilisers so far. She also said the government is promoting balanced fertiliser usage and has allocated ₹1.77 lakh crore in this year’s budget for the sector.
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