‘Don’t panic’: Hardeep Puri rejects lockdown rumours, says fuel stocks are sufficient
Hardeep Puri on lockdow rumours: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday dismissed rumours about a possible lockdown and fuel shortage in the country, saying India has adequate reserves of petroleum products and cooking gas.
Speaking at a Confederation of Indian Industry (CII) event, Hardeep Puri said the country currently had enough reserves to comfortably meet domestic demand. According to him, India possesses crude oil reserves for around 60 days, LNG stocks for 60 days and LPG reserves for nearly 45 days.
He stressed that there is no disruption in the supply of petrol, diesel or cooking gas anywhere in the country despite the ongoing tensions in West Asia.
The minister said the government took proactive steps to avoid any supply concerns by sharply increasing domestic LPG production. Daily LPG output, he noted, has been raised from nearly 35,000 tonne to around 54,000 tonne.
Hardeep Singh Puri described the move as a significant achievement that highlights India’s preparedness and ability to manage crises without impacting consumers.
He added that while several countries witnessed volatility in fuel availability and prices during the geopolitical tensions, India remained largely unaffected due to timely planning and strong reserves.
Targeting critics, the minister claimed that rumours regarding shortages and a possible lockdown were deliberately circulated to create panic among people.
He said attempts were made to encourage hoarding of petroleum products, but the government ensured uninterrupted supply across the country.
Puri also rejected claims that India had stopped taking LNG supplies from Russia. Clarifying the issue, he stated that India has never imported LNG from Russia in the first place.
While ruling out any immediate supply crisis, the minister acknowledged the financial pressure on state-run oil marketing companies if international crude oil prices remain elevated while retail fuel rates stay unchanged.
He warned that public sector oil firms could suffer losses of up to Rs 1 lakh crore in a single quarter under such conditions.
Puri, however, avoided commenting on whether petrol, diesel or LPG prices may be revised in the near future. He said a review would eventually be needed to determine how long fuel retailers can continue selling products below cost.
- With inputs from agencies
