Union Petroleum Minister Hardeep Singh Puri has strongly rebutted critics who misinterpreted Prime Minister Narendra Modi's recent appeal for fuel conservation, emphasizing that India faces no energy crisis. Puri accused opponents of spreading panic and misinformation, asserting that the Prime Minister's advice was a measure of prudence aimed at safeguarding the nation's economic stability.
PM Modi's Appeal: Caution, Not Crisis
PM Modi had urged citizens to moderate energy consumption, consider work-from-home options, and postpone non-essential imports like gold and foreign travel. This appeal came amidst escalating global crude prices, largely driven by the ongoing West Asia conflict. Opposition parties quickly criticized the call, suggesting it signaled an underlying energy crisis.
“There is no crisis in India,” Puri stated, clarifying that the Prime Minister's counsel was intended to “prevent any fiscal strain on the economy, not because we had issues with energy supplies.” He highlighted that despite a near doubling of global crude prices, India has successfully maintained stable petrol and diesel prices, ensuring continuous supply across its vast network of retail outlets and LPG to millions of households.
Economic Impact and Strategic Reserves
Puri revealed that state-run oil marketing companies (OMCs) are currently absorbing daily losses of approximately ₹1,000 crore to shield consumers from global price volatility. He also pointed to India's robust strategic energy reserves, stating the nation holds enough energy for 74 days and is actively expanding this capacity. The Defence Ministry earlier confirmed India holds 60 days of crude oil, 60 days of natural gas, and 45 days of LPG inventories, reassuring the public against any need for panic buying.
Diversification and Long-Term Vision
The Minister underscored India's proactive approach to energy security, noting the diversification of crude oil sourcing from 27 countries in 2006-07 to 41 countries today. This strategy ensures uninterrupted supplies from routes less impacted by geopolitical tensions.
Puri described PM Modi's appeal as “very visionary,” looking to the future. He explained that if global conflicts persist, certain lifestyle changes and curtailments in activities could help mitigate potential long-term fiscal pressures. The government consistently maintains that India's fuel supplies remain stable despite disruptions in critical shipping lanes like the Strait of Hormuz.