India Oil Minister Assures No Shortages, Rs 1 Lakh Cr Losses

India's Oil Minister Hardeep Singh Puri assured on Tuesday that the country faces no fuel supply shortages despite disruptions from the ongoing war in West Asia, while highlighting mounting losses for state-run oil marketing companies that could reach Rs 1 lakh crore in a single quarter if retail prices remain unchanged.

Speaking at the Confederation of Indian Industry's Annual Business Summit in New Delhi on May 12, 2026, Puri emphasized that India holds ample stockpiles, including 60 days of crude oil, 60 days of liquefied natural gas and 45 days of liquefied petroleum gas. "We have no supply-side problems," he said. The government and oil companies have conducted continuous war-room reviews, diversifying imports away from the Strait of Hormuz, through which 60 percent of India's previous LPG imports and much of its 88 percent imported crude oil requirement once passed. Every petrol pump has maintained supplies, with petrol consumption rising 6 percent amid the crisis that began 10 weeks ago.

State-owned firms Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum have sold petrol, diesel and cooking gas below cost to shield consumers, resulting in daily...