New Delhi: Defence Minister Rajnath Singh on Monday said there was no shortage of petroleum products or essential commodities in the country despite the ongoing West Asia conflict, and urged people to remain calm as the government was taking all necessary measures to prevent disruptions in supply chains.
Chairing the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia at Kartavya Bhawan-2 in New Delhi, Rajnath Singh reviewed the latest developments arising out of the conflict and assessed India’s preparedness to minimise its impact on citizens and the economy.
The meeting was attended by Union ministers J. P. Nadda, Hardeep Singh Puri, Ashwini Vaishnaw, Kiren Rijiju, Kinjarapu Rammohan Naidu, Sarbananda Sonowal and Dr. Jitendra Singh.
Officials informed the meeting that India currently has 60 days of crude oil reserves, 60 days of natural gas and 45 days of LPG rolling stock, while the country’s foreign exchange reserves stand at around 703 billion US dollars.
The government said India, despite global volatility, has managed to maintain stable petroleum prices for over 70 days since the beginning of the conflict, unlike several countries where fuel prices have reportedly risen by 30 to 70 per cent.
According to officials, oil marketing companies are bearing losses of nearly ₹1,000 crore per day to shield consumers from the impact of soaring international crude prices.
The ministers were also informed that there was adequate availability of essential commodities and that the ongoing conservation measures were aimed at long-term capacity building in case the global crisis prolonged.
Rajnath Singh directed officials to effectively implement Prime Minister Narendra Modi’s appeal for fuel conservation and responsible consumption at the grassroots level.
The Prime Minister had urged citizens to reduce petrol and diesel consumption by using public transport, adopting carpooling and avoiding unnecessary travel. He had also appealed for restraint in non-essential expenditure and encouraged greater use of renewable energy and natural farming practices.
The Defence Minister stressed that India’s immediate priority was to ensure uninterrupted energy supplies, maintain economic stability and secure maritime trade routes amid the evolving international situation.
He also emphasised the need to accelerate the transition towards renewable energy, diversify energy sources and strengthen strategic reserves to deal with future supply disruptions.
The IGoM was informed about several economic support measures taken by the government, including the approval of the Emergency Credit Line Guarantee Scheme 5.0 with an additional credit flow target of ₹2.55 lakh crore to support industries, including MSMEs and the aviation sector.
Officials further said fertiliser supplies in the country remained sufficient and continued to exceed current requirements.
