NewsGate Press Network

India has 60 days of crude oil, 60 days of Natural Gas and 45 days of LPG rolling stock.

This was stated by the defence minister Rajnath Singh while chairing the 5th meeting of the Informal Group of Ministers (IGoM) on West Asia on Monday the 11th of May 2026.

As per the official sources, the foreign exchange reserves stand at a comfortable $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 meeting took stock of the latest developments in the conflict, and discussed ways to bolster India’s readiness to ensure its minimum effect on the people.

The IGoM was informed that the country is secure, and there is no shortage of any petroleum product, even as most other nations have taken emergency measures to dramatically reduce domestic consumption.

The IGoM on West Asia consists of Jagat Prakash Nadda, Hardeep Singh Puri,   Ashwini Vaishnaw, Kiren Rijiju, K Rammohan Naidu, Sarbananda Sonowal and Jitendra Singh apart from Rajnath Singh who is the Chairman of this group.

India is among the few countries where petroleum prices have held steady through this period of global volatility even after more than 70 days since the West Asia conflict started.

The IGoM was informed that in many nations, prices have increased by 30 to 70 per cent.

However, India’s oil marketing companies have 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 is not passed to the Indian citizens.

The Ministers were informed that there is a surplus amount of essential commodities for the people and the present conservation is intended towards long-run capacity building if the crisis prolongs. The supply management has been good, and the people need not panic or resort to over purchase of fuel & other products.

The Defence Minister directed the officials to take concrete steps to implement the Prime Minister’s appeal at the ground level.

The Prime Minister, on May 10, 2026, exhorted the people to reduce petrol and diesel consumption by using metros & public transport, opting to car pooling; 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 behaviour,” said Rajnath Singh.

According to sources, the Defence Minister 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.