By A Correspondent

New Delhi: India, on May 11, 2026, asserted that the nation was secure and there was no shortage of petroleum products, as it maintained a 60-day rolling stock of crude oil and natural gas, and a 45-day rolling stock of liquefied petroleum gas (LPG), despite the West Asian war crippling global energy security.

At the 5th meeting of the Informal Group of Ministers (IGoM) on the West Asian war, chaired by Defence Minister Rajnath Singh, Prime Minister Narendra Modi’s government informed that the foreign exchange reserves stood at a comfortable USD 703 billion.

“There is no reason for anxiety, and no reason for any citizens to rush to retail outlets,” the Indian government said in a statement. “India is the world’s third largest oil refiner and the fourth largest exporter of petroleum products, exporting to over 150 countries, and is meeting domestic demand in full,” the Indian government said after the IGoM meeting.

“But there is a huge cost being borne by the nation as international crude prices are continuing at very high levels. Fuel conservation can ease this burden,” the government said.

A couple of days ago, Modi had appealed to Indians for “collective participation” to help the country deal with global economic disruptions, supply chain challenges, and rising prices caused by international conflicts.

Modi had, thus, emphasised “prudence” in the usage of petroleum products and reducing wasteful consumption, so that the fiscal burden on the nation is reduced in the present and into the future.

India is among the few countries where petroleum prices have held steady through this period of global volatility, even after more than 70 days since the conflict started, the government said in the statement.

“In many nations, prices have increased by 30% to 70%. However, India’s oil marketing companies have absorbed losses of close to INR 1,000 crore a day, with under-recoveries running to nearly INR 200,000 crore in Q1 ’26 (First Quarter of FY27), so that the burden of the global astronomical prices is not passed to the Indian citizens,” it said.

The government also informed the IGoM ministers that “there is a surplus amount of essential commodities for the people and the present conservation is intended towards long-run capacity building if the crisis prolongs.”

It said, “The supply management has been good, and the people need not panic or resort to over-purchase of fuel and other products.”

The IGoM meeting took stock of the latest developments in the West Asian conflict involving the US, Israel, and Iran, and discussed ways to bolster India’s readiness to ensure minimal effect on the people.

The IGoM was informed that fertiliser availability remains robust, with supplies continuing to exceed requirements. Overall stock position of fertilizers in the country is as follows (Lakh Tons):

For Kharif 2026, the fertiliser requirement has been assessed by the Department of Agriculture and Farmer Welfare at 390.54 LMT, against this stock as on today is around 199.65 LMT (more than 51%), significantly higher than the usual level of about 33%. “This reflects improved planning, advanced stocking, and efficient logistics management by the government,” it said.

Domestic production and import of fertilizers after crisis (Lakh Tons):

Sale of Fertilizers (Lakh Tons):

Rajnath Singh directed the officials to take concrete steps to implement the Prime Minister’s appeal at the ground level.

Modi, on May 11, 2026, exhorted the people to reduce petrol and diesel consumption by using metros and public transport, opting for car pooling; help conserve foreign exchange reserves by refraining from unnecessary foreign travel, choosing domestic tourism and celebrations within India, and avoiding non-essential gold purchases for a year.

He had urged the farmers to reduce chemical fertiliser usage by 50%, move towards natural farming practices, help protect soil health and reduce import dependence, and encourage wider adoption of solar-powered irrigation pumps instead of diesel pumps in agriculture.

“Ministries and States must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness, and responsible consumption behavior,” Rajnath Singh said.

In a post on X after the meeting, Rajnath Singh commended the work being done by the government towards ensuring supplies of all essential commodities.

He urged the people to remain calm and avoid any kind of panic as all concrete steps are being taken to prevent shortages or disruptions in supply chains.

The Defence Minister emphasised that the primary focus for India during the current phase is to ensure that energy flows remain uninterrupted, economic stability is maintained, and maritime trade routes remain secure. He directed all stakeholders to remain vigilant to deal with every situation.

Rajnath Singh underlined the urgent need for India to accelerate the process of transforming its energy mix, rapidly expanding renewable-based alternative energy sources, identifying more reliable & diversified energy supplies, and increasing investment in energy efficiency technologies.

He called for re-evaluation of strategic reserve requirements to tackle issues arising out of supply chain disruptions, with future energy security in mind.

Rajnath Singh asserted that the West Asia situation should not be viewed merely as a stand-alone event, as any form of international crisis directly or indirectly affects all nations in today’s interconnected global environment.

He stressed the need to focus on strategic crisis anticipation, early warning assessment, scenario planning, and timely whole-of-government preparedness.

The IGoM was informed about the recent policy measures undertaken specifically to support industry, including MSMEs. To provide liquidity support to the industry, including MSMEs, the Union Cabinet on May 05, 2026, approved the Emergency Credit Line Guarantee Scheme 5.0 with a total additional credit flow target of Rs 2,55,000 crore to provide credit guarantee coverage of 100% for MSMEs and 90% for non-MSMEs, as well as the airline sector.

Moreover, taking cognizance of the Industry demand for advisory related to ‘force-majeure-like’ risks in public procurement contracts, the Ministry of Finance has also enabled force majeure-related relief measures, including a circular by the Department of Expenditure clarifying that the ongoing crisis should be treated as war for consideration of Force Majeure whereby the performance deadlines can be extended by 2-4 months from February 28, 2026.

Minister of Chemicals and Fertilizers Jagat Prakash Nadda; Minister of Petroleum and Natural Gas Hardeep Singh Puri; Minister of Railways, Information and Broadcasting, Electronics and Information Technology Ashwini Vaishnaw; Minister of Parliamentary Affairs Kiren Rijiju; Minister of Civil Aviation Kinjarapu Rammohan Naidu, Minister of Ports, Shipping and Waterways Sarbananda Sonowal; and Minister of State (Independent Charge) of the Ministry of Science and Technology Dr Jitendra Singh attended the meeting.

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