The meeting took stock of the latest developments in the West Asia conflict and discussed ways to bolster India’s readiness to ensure its minimum effect on the people, according to an official statement.
The IGoM was informed that the country was secure and there was no shortage of any petroleum product, it added.
The foreign exchange reserves stood at a comfortable USD 703 billion. “India is the world’s third largest oil refiner and fourth largest exporter of petroleum products, exporting to over 150 countries and is meeting domestic demand in full,” the statement added.
“But there is a huge cost being borne by the nation as international crude prices are continuing at very high levels. Fuel conservation can ease this burden. Prime Minister Narendra Modi’s appeal to the people for collective participation to help the country deal with global economic disruptions, supply chain challenges and rising prices caused by international conflicts has, thus, emphasised prudence in usage of petroleum products and reducing wasteful consumption so that the fiscal burden on the nation is reduced in the present and into the future,” it noted.
India’s oil marketing companies haf absorbed losses of close to Rs 1,000 crore a day, with under-recoveries running to nearly Rs 2 lakh crore in Q1 ’26 so that the burden of global astronomical prices was not passed to the Indian citizens. There was no reason for anxiety, and no reason for any citizens to rush to retail outlets, the statement added.
The Ministers were informed that there was a surplus amount of essential commodities for the people and the present conservation was intended towards long-run capacity building if the crisis prolongrf. The supply management haf been good, and the people need not panic or resort to over purchase of fuel & other products, it said.
Rajnath Singh directed the officials to take concrete steps to implement the Prime Minister’s appeal at the ground level.
On May 11, Modi exhorted the people to reduce petrol and diesel consumption by using metros & public transport, opting to car-pooling and help conserve foreign exchange reserves by refraining from unnecessary foreign travel, choosing domestic tourism & celebrations within India, and avoiding non-essential gold purchases for a year.
He had urged the farmers to reduce chemical fertiliser usage by 50 per cent, move towards natural farming practices, help protect soil health & reduce import dependence and encourage wider adoption of solar-powered irrigation pumps instead of diesel pumps in agriculture.
“Ministries and States must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness and responsible consumption behavior,” Rajnath Singh, said.
He emphasised that the primary focus for India during the current phase is to ensure that energy flows remain uninterrupted, economic stability is maintained, and maritime trade routes remain secure. He directed all stakeholders to remain vigilant to deal with every situation.
The defence minister underlined the urgent need for India to accelerate the process of transforming its energy mix, rapidly expanding renewable-based alternative energy sources, identifying more reliable & diversified energy supplies, and increasing investment in energy efficiency technologies. He called for re-evaluation of strategic reserve requirements to tackle issues arising out of supply chain disruptions, with future energy security in mind.
He asserted that the West Asia situation should not be viewed merely as a stand-alone event as any form of international crisis directly or indirectly affects all nations in today’s interconnected global environment. He stressed the need to focus on strategic crisis anticipation, early warning assessment, scenario planning, and timely whole-of-government preparedness.
The IGoM was informed that fertiliser availability remains robust, with supplies continuing to exceed requirements.
For more details: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2259798®=3&lang=1
