'We will have to start worrying': Hardeep Puri as oil firms lose ₹1,000 crore a day

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said India faces no supply-side problems in crude oil, gas despite disruptions in the Strait of Hormuz due to the ongoing West Asia conflict, and asserted that there is "absolutely no cause for anxiety".

Speaking to reporters, Puri said the country has more than adequate stocks of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), and that domestic LPG production has been significantly ramped up to ensure uninterrupted supplies.

"We have no supply-side problems. Today, the country has more than enough stocks of crude oil, LNG and LPG," the minister said.

"When this crisis began, there were some concerns, but we converted the challenge into an opportunity," he added.

According to the government, India currently has 60 days of crude oil stocks, 60 days of natural gas supplies and 45 days of LPG rolling stock.

Puri said domestic LPG production has been increased from 36,000 metric tonnes per day to 54,000 metric tonnes per day.

"You must have seen that there are no shortages anywhere," he said.

The minister said that while several countries have experienced supply disruptions and fuel price spikes of 50-6%, India has managed to keep retail fuel prices unchanged.

"In the last four years, there has been no increase in prices," he said.

Puri said state-owned oil marketing companies are currently bearing substantial losses to shield consumers from rising global energy prices.

"My oil companies are losing ₹1,000 crore a day. So we will have to start worrying about these things," he said.

According to an official statement, public sector oil marketing companies have absorbed nearly ₹1,000 crore in losses per day to keep retail prices unchanged, with under-recoveries estimated at around ₹2 lakh crore in the first quarter of 2026-27.

The minister said he reviews the situation daily with heads of oil companies.

"I review the situation every day, along with the CMDs of the oil sector for an hour or an hour and a half. There is absolutely no cause for anxiety," he said.

Puri's remarks came days after Prime Minister Narendra Modi urged citizens to conserve fuel and foreign exchange in view of the geopolitical tensions in West Asia.

Addressing a public meeting in Hyderabad on Sunday, Modi appealed to people to avoid non-essential foreign travel, postpone gold purchases and adopt measures such as work-from-home, virtual meetings, public transport, carpooling and electric vehicles.

"The Prime Minister's statement is very visionary. It looks to the future that if this were to continue, we also have to look at what we can do in terms of lifestyle changes," Puri said.

"Please listen to what the Prime Minister said, and it's a very visionary statement," he added.

The government has said there is no reason for citizens to rush to fuel retail outlets, stressing that supplies of petroleum products and cooking gas remain normal across the country.