India has 60 days of crude oil, natural gas, says govt as Rajnath Singh chairs IGoM meeting to review energy supply

India has 60 days of crude oil, natural gas, the central government said on Monday as Defence Minister Rajnath Singh chaired 5th Informal Group of Ministers (IGoM) meeting to review energy supply amid Middle East war.

Despite volatility in global energy markets, the IGoM said India’s near-term energy security remains strong and that the country has ample rolling reserves to ensure uninterrupted supplies and prevent panic buying.

“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. India has 60 days of crude oil, 60 days of Natural Gas and 45 days of LPG rolling stock,” according to a Ministry of Defence release.

It mentioned, “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."

In a statement, the government said persistently elevated international crude oil prices are imposing a substantial cost on the economy. It stated that conserving fuel could help reduce this burden, noting that Prime Minister Narendra Modi had urged consumers to use petroleum products judiciously and avoid unnecessary consumption to ease the country’s fiscal pressure both now and in the future.

Rajnath Singh urges to 'remain calm and avoid panic'

Singh took to X and urged citizens to ‘remain calm’ and assured that measures are being taken to prevent shortages amid global disruptions.

“The Government under the leadership of PM Shri @narendramodi has been doing commendable work in ensuring supplies of all essential commodities. I urge the people to remain calm and avoid any kind of panic as the government is taking concrete steps to prevent shortages or disruptions in supply chains,” Singh said.

He added, “PM Shri Modi’s appeal for collective participation of the people to help the country face global disruptions and challenges is going to be a significant step towards self-reliance and ensuring energy security. It is PM’s broader message about conservation during a difficult global period.”

The statement said PM Modi had called for collective public participation to help the country navigate global economic disruptions, supply chain pressures and rising prices driven by international conflicts. It mentioned that his appeal underscored the need for prudent use of petroleum products and the reduction of unnecessary consumption in order to ease the nation’s fiscal burden both in the short term and over the longer run.

Govt on petroleum prices, OMCs

Meanwhile, the government said India is one of the few countries where fuel prices have remained unchanged despite more than 70 days of global market volatility linked to the conflict, noting that in contrast, petroleum prices in many other countries have risen by 30% to 70%.

India’s oil marketing companies are absorbing losses of nearly ₹1,000 crore a day, with under-recoveries estimated at close to ₹2 lakh crore in the first quarter of 2026, to shield consumers from the sharp increase in international crude prices, according to the statement.

It emphasised that there is no cause for concern and urged citizens not to rush to fuel stations, assuring that adequate supplies are available across the country.