Government Assures Energy Security Amid West Asia Conflict; India Holds 60-Day Crude and Gas Reserves.
Defence Minister Rajnath Singh chaired 5th meeting of concerned ministries on West Asia Crises. New Delhi (11.05.2026).
New Delhi, May 11: Defence Minister Rajnath Singh on Monday chaired the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia at Kartavya Bhawan-2 in New Delhi, reviewing the evolving regional conflict and India’s preparedness to minimise its impact on citizens and the economy.
The high-level meeting brought together several Union Ministers, including Health and Chemicals & Fertilisers Minister Jagat Prakash Nadda, Petroleum and Natural Gas Minister Hardeep Singh Puri, Railways and Information Technology Minister Ashwini Vaishnaw, Parliamentary Affairs Minister Kiren Rijiju, Civil Aviation Minister Kinjarapu Rammohan Naidu, Ports and Shipping Minister Sarbananda Sonowal, and Minister of State for Science and Technology Jitendra Singh.
The meeting reviewed the global energy situation and assessed India’s readiness in the wake of continuing instability in West Asia, with the government emphasising that there is no shortage of petroleum products or essential commodities in the country.
Adequate Fuel Stocks, Strong Forex Position
The IGoM was informed that India currently possesses 60 days of crude oil reserves, 60 days of natural gas reserves, and 45 days of LPG rolling stock, ensuring adequate energy availability despite global disruptions. Officials also highlighted that India’s foreign exchange reserves remain strong at approximately USD 703 billion.
India, currently the world’s third-largest oil refiner and fourth-largest exporter of petroleum products, continues to meet domestic demand fully while exporting refined petroleum products to more than 150 countries.
However, the government acknowledged that the country is facing mounting financial pressure due to persistently elevated global crude oil prices linked to the ongoing conflict in West Asia.
Officials noted that despite international fuel prices witnessing steep increases in many countries, India has managed to maintain stable petroleum prices for over 70 days since the conflict began. In contrast, several nations have reportedly experienced fuel price hikes ranging between 30 and 70 per cent.
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Oil Companies Bearing Heavy Losses
The government said Indian oil marketing companies are currently absorbing losses of nearly Rs 1,000 crore per day to shield citizens from the impact of soaring international oil prices. Under-recoveries in the first quarter of 2026 have reportedly touched nearly Rs 2 lakh crore.
“There is no reason for anxiety, and no reason for citizens to rush to retail outlets,” officials said during the meeting, urging people not to indulge in panic buying or excessive stocking of fuel and essential commodities.
The ministers were also informed that supplies of essential commodities remain surplus and that the current conservation drive is intended to strengthen India’s long-term capacity should the international crisis continue for an extended period.
PM Modi Calls for Responsible Consumption
Defence Minister Rajnath Singh directed officials to ensure effective implementation of Prime Minister Narendra Modi’s appeal for responsible fuel and resource consumption.
Earlier in the day, the Prime Minister had urged citizens to reduce petrol and diesel consumption by increasing the use of public transport, metro systems and carpooling. He also appealed to people to avoid unnecessary foreign travel, prioritise domestic tourism, and refrain from non-essential gold purchases for the next year in order to conserve foreign exchange reserves.
The Prime Minister additionally encouraged farmers to cut chemical fertiliser usage by 50 per cent, adopt natural farming methods, and increase the use of solar-powered irrigation pumps instead of diesel-powered alternatives.
“Ministries and States must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness, and responsible consumption behaviour,” Rajnath Singh said during the meeting.
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Defence Minister Rajnath Singh chaired 5th meeting of concerned ministries on West Asia Crises. New Delhi (11.05.2026).
Focus on Energy Security and Supply Chains
Following the meeting, Rajnath Singh stated on social media platform X that the government is taking all necessary measures to ensure uninterrupted supplies of essential commodities and maintain supply chain stability.
He urged citizens to remain calm and avoid panic, asserting that “all concrete steps are being taken to prevent shortages or disruptions in supply chains.”
The Defence Minister emphasised that the government’s immediate priority is to ensure uninterrupted energy flows, preserve economic stability, and safeguard maritime trade routes amid the global uncertainty.
He also stressed the need for long-term strategic planning, including diversification of energy sources, accelerated adoption of renewable energy, and greater investment in energy efficiency technologies.
Rajnath Singh further called for a reassessment of India’s strategic reserve requirements to strengthen preparedness against future supply chain disruptions.
Call for Strategic Crisis Preparedness
Highlighting the broader implications of the West Asia conflict, Rajnath Singh said the crisis should not be viewed as an isolated geopolitical event, noting that global interconnectedness means international conflicts have far-reaching economic and strategic consequences for all nations.
He underlined the need for “strategic crisis anticipation, early warning assessment, scenario planning, and timely whole-of-government preparedness.”
The IGoM was also briefed on recent measures aimed at supporting industries, particularly Micro, Small and Medium Enterprises (MSMEs), amid the prevailing global uncertainty.
The Union Cabinet recently approved the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0, which aims to facilitate an additional credit flow of Rs 2.55 lakh crore. The scheme offers 100 per cent credit guarantee coverage for MSMEs and 90 per cent coverage for non-MSMEs and the aviation sector.
Additionally, the Finance Ministry has issued guidelines enabling force majeure-related relief measures in public procurement contracts, allowing performance deadlines to be extended by two to four months from February 28, 2026.
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Fertiliser Stocks Remain Comfortable
The government also reassured stakeholders on fertiliser availability ahead of the Kharif 2026 season.
According to data presented at the meeting, overall fertiliser stock levels stood at 199.65 lakh tonnes as of May 11, 2026, significantly higher than the 178.58 lakh tonnes recorded during the same period last year.
The Agriculture Ministry has estimated fertiliser requirements for Kharif 2026 at 390.54 lakh metric tonnes, with current stock levels already accounting for more than 51 per cent of the projected requirement — substantially above the usual preparedness benchmark of around 33 per cent.
Officials said the higher inventory reflects improved planning, advance stocking, and efficient logistics management by the government despite the ongoing international crisis.
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