New Delhi [India], May 12 : Minister of Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said India has not increased fuel prices in the last four years and has sufficient stocks of crude oil, LNG and LPG despite the ongoing disruptions around the Strait of Hormuz.
Speaking on the sidelines of the CII Annual Business Summit 2026 in New Delhi, Puri said India remained in a stable position even as several countries were facing shortages and rising energy prices due to the continued disruptions around the Strait of Hormuz.
"In the last four years, there has been no increase in prices. Today, we are in a situation where unlike other countries in the world, which have had to either face severe problems in terms of availability and supply, or where prices have gone up 50-60 per cent," Puri said.
The minister said the uncertainty around supply disruptions due to the closure of the Strait of Hormuz began on February 28 and had entered its 75th day, but India had converted the challenge into an opportunity by boosting domestic LPG production.
"When this crisis began, there were some concerns, but we converted the challenge into an opportunity. We have ramped up our domestic production of LPG, which used to be 36,000 metric tons per day. We have now taken it up to 54,000 metric tons per day," he said.
Puri said India currently has more than adequate reserves of key energy supplies, including 60 days of crude oil stocks, 60 days of LNG and 45 days of LPG, ensuring uninterrupted supply across the country.
"Let me tell you categorically, we have no supply side problems. The country has more than enough stocks of crude oil, LNG and LPG," he said.
The minister added that oil marketing companies were facing financial strain due to under-recoveries amid the prolonged disruption. He said oil companies were losing around Rs 1,000 crore per day, with under-recoveries nearing Rs 1.98 lakh crore.
He said LPG demand had also moderated to 75,000 metric tonnes from 90,000 metric tonnes, partly due to weather conditions, and noted that prudent supply and demand management had helped maintain stability.
Puri said the government was closely monitoring the situation daily and urged against panic, while calling for voluntary moderation in certain activities if the crisis prolongs.
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