Hyderabad, May 12 (Maxim News): Union Petroleum Minister Hardeep Singh Puri said India faces no fuel shortage despite rising global crude oil prices and growing speculation over a petrol and diesel price hike.
His remarks came as international crude oil prices crossed 105 dollars per barrel. Reports recently suggested that public sector oil marketing companies were considering a revision in fuel prices due to mounting losses.
Speaking at the CII Annual Business Summit 2026, Puri said the government had strengthened domestic fuel preparedness. He stated that LPG production increased from 36,000 tonnes per day to 54,000 tonnes per day.
The minister also said India currently holds crude oil reserves sufficient for 69 days and LPG stocks for 45 days. According to him, Prime Minister Narendra Modi had earlier warned about the need to prepare for the West Asia crisis, and that call acted as a wake up signal for the country.
Fuel Price Hike Speculation Continues
Puri rejected claims that the government delayed fuel price revisions due to recently concluded state elections. He clarified that fuel pricing decisions were not linked to electoral considerations.
“We turned the challenge into an opportunity. We have not increased prices for the past four years,” the minister said during the summit. However, he also added that he was not claiming fuel prices would never rise in the future.
He further stated that oil marketing companies were losing nearly Rs 1,000 crore every day. At the same time, he said these firms generated around Rs 1.98 lakh crore through recoveries, while quarterly losses reportedly touched nearly Rs 1 lakh crore.
Meanwhile, speculation over a fuel price hike continues in the market. Reports suggest petrol prices may increase before the 15th of this month. Some projections indicate that petrol rates could rise by as much as Rs 5 per litre if global crude prices continue to climb.
Although no official announcement has been made yet, consumers and industry observers are closely monitoring developments in the energy sector. Rising tensions in West Asia and volatility in international crude markets remain key concerns for policymakers and oil companies. (Maxim News)
