Union Minister Hardeep Singh Puri. (file photo)
Union Oil Minister Hardeep Singh Puri said on May 12 that the government has increased the production of LPG to 55,000-56,000 tonnes from about 35,000 tonnes earlier. He stressed that there is no shortage of fuel anywhere in the country. The minister also hinted that fuel prices may rise, but rejected speculations that the government had postponed any change in prices due to the recently concluded state elections.
Let us tell you that on May 10, the country's Prime Minister Narendra Modi had advised the country in a program to minimize the use of petrol and diesel. Use car pooling. Use public transport. So that the import of crude oil can be reduced and there can be less impact on the foreign exchange reserves of the country. After which there was increased concern among the common people whether there is going to be a shortage of petrol and diesel in the country? Now that the Oil Minister's statement has come, some relief can be felt.
At the CII Annual Business Summit 2026, Puri said that we have turned the challenge into an opportunity. We have not increased prices for the last four years. I am not saying that prices will not increase. All I am saying is that prices and elections have nothing to do with each other. Puri said that India has enough crude oil and LPG in its stock. We have 60 days of crude oil, which is maximum as per our requirement. We have 60 days of LNG and 45 days of LPG.
Hinting about the increase in fuel prices, the minister said that oil marketing companies are incurring a loss of Rs 1,000 crore every day. He told that these companies are getting 'under-recovery' (recovery less than the cost) of Rs 198,000 crore and their total loss in this quarter has reached Rs 1 lakh crore. He said that Prime Minister Narendra Modi has given a visionary statement that if this (war) continues, we will have to take steps to control fiscal pressure.
What worries me is how long will the Oil Marketing Companies (OMCs) be able to withstand this. He further said that all the profits earned last year are getting wiped out due to the losses due to the current rates. He claimed that the government has handled this crisis with full responsibility. Companies are bearing losses to protect consumers. We have handled this crisis with full responsibility. There is no shortage of fuel anywhere. We have restored gas supply in almost all areas.
