Reviewing the evolving West Asia conflict, Defence Minister Rajnath Singh on Monday (May 11, 2026) chaired the fifth meeting of the Informal Group of Ministers (IGoM) at Kartavya Bhawan-2 in New Delhi.
The IGoM was informed that the country is secure, and there is no shortage of any petroleum products, even as most other nations have taken emergency measures to dramatically reduce domestic consumption.
India’s energy security amid conflicts
According to the Ministry of Defence, India currently possesses 60 days of crude oil reserves, 60 days of natural gas and 45 days of LPG rolling stock, ensuring uninterrupted supply across the country. India’s foreign exchange reserves remain strong at $703 billion, while the country continues to meet domestic fuel demand in full despite global disruptions.
The government highlighted that India is among the few nations where petroleum prices have remained stable even after more than 70 days of conflict-driven international volatility. In contrast, many countries have witnessed fuel price hikes ranging from 30% to 70%. However, Indian oil marketing companies are reportedly absorbing losses of nearly ₹1,000 crore daily, with under-recoveries touching almost ₹2 lakh crore in the first quarter of 2026, to protect citizens from rising international crude prices.
