He said fuel supply across the country has remained uninterrupted even during the continuing conflict in West Asia.
Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday that India has adequate fuel reserves despite ongoing global uncertainty linked to the West Asia conflict.
Speaking at the CII Annual Business Summit, he said the country currently holds around 60 days of crude oil reserves, along with 60 days of LNG and 45 days of LPG stocks.
He said fuel supply across the country has remained uninterrupted even during the continuing conflict in West Asia. He added that state-run oil marketing companies have maintained stable operations despite external pressures.
Puri said global crude price fluctuations have created financial pressure on oil marketing companies due to the gap between procurement costs and retail selling prices.
He said the difference between cost and selling price has widened, placing stress on Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum.
The minister said that if international crude prices remain high while domestic fuel prices are not revised, oil companies could face significant quarterly losses.
He also said the government has taken steps to ensure supply stability and reduce the impact of global volatility on consumers.
Referring to energy conservation, he said recent appeals for reduced consumption are aimed at preparedness and efficiency.
He added that India continues to expand its energy infrastructure and improve supply systems to strengthen long-term energy security.
(With Inputs from PTI)
