Overview
- Petroleum Minister Hardeep Singh Puri told reporters on Saturday that India has more than 60 days of crude oil and natural gas stocks and about 75–80 days of LPG reserves.
- Puri said domestic LPG production has risen from roughly 32,000 metric tonnes per day to 54,000 MT per day, which officials say has reduced import dependence.
- Despite robust stocks, retail prices have moved up recently as global supply pressures push import costs higher and industry estimates show losses on subsidised cylinders.
- The government has used fiscal cuts to lower fuel taxes since 2021, most recently cutting excise duty by Rs 10 a litre, and has imposed a 200-litre daily diesel purchase cap to curb hoarding.
- India has lodged diplomatic protests and summoned the US Charge d'Affaires after a reported US strike in the Gulf of Oman killed three Indian seafarers, and ministers say pricing decisions will await crude supply assessments.