New Dehli, May 11 (KNS): Rajnath Singh on Monday said India has adequate reserves of petroleum products and essential commodities despite the continuing conflict in West Asia, and asked people not to panic or rush for purchases.
The Defence Minister chaired the fifth meeting of the Informal Group of Ministers on West Asia at Kartavya Bhawan in New Delhi to review the impact of the international situation on India and assess preparedness measures.
Several Union ministers attended the meeting, including J. P. Nadda, Hardeep Singh Puri, Ashwini Vaishnaw, Kiren Rijiju, Kinjarapu Ram Mohan Naidu, Sarbananda Sonowal and Jitendra Singh.
Officials informed the meeting that India currently has crude oil reserves for around 60 days, natural gas stock for 60 days and LPG stock for 45 days. The country’s foreign exchange reserves stand at 703 billion US dollars.
The government said India continues to meet domestic fuel demand and remains one of the major exporters of petroleum products globally. It was also stated that international crude oil prices remain high due to the ongoing conflict, increasing the financial burden on the country.
According to the details shared during the meeting, oil marketing companies are bearing losses of nearly Rs 1,000 crore per day to prevent an increase in fuel prices for consumers. Under-recoveries during the first quarter of 2026 have crossed nearly Rs 2 lakh crore.
The ministers were informed that there is enough stock of essential commodities and that supply chains across the country are functioning normally.Click Here To Follow Our WhatsApp ChannelThe government said there was no need for panic buying or unnecessary stocking of fuel and other products.
Rajnath Singh directed ministries and state governments to work together for fuel conservation and responsible consumption. Referring to Prime Minister Narendra Modi’s appeal to citizens, he called for wider use of public transport, carpooling and reduction in unnecessary fuel consumption.
The Prime Minister had also appealed to people to avoid non-essential foreign travel, promote domestic tourism and reduce unnecessary purchases of gold. Farmers were urged to reduce chemical fertiliser use and adopt natural farming practices and solar-powered irrigation systems.
The meeting also reviewed the availability of fertilisers for the Kharif 2026 season. Officials informed the ministers that fertiliser stocks in the country stood at 199.65 lakh metric tonnes as of May 11, compared to 178.58 lakh metric tonnes during the same period last year.
The government said the current stock accounts for over 51 per cent of the total fertiliser requirement for the Kharif season. Sales of urea, DAP, NPK and other fertilisers have also increased between March and May this year compared to the same period in 2025.
The ministers were also informed about support measures announced for industries and MSMEs, including the Emergency Credit Line Guarantee Scheme 5.0 approved by the Union Cabinet earlier this month.(KNS)