Reviewing the evolving West Asia conflict, Defence Minister Rajnath Singh on Monday (May 11, 2026) chaired the fifth meeting of the Informal Group of Ministers (IGoM) at Kartavya Bhawan-2 in New Delhi.
The IGoM was informed that the country is secure, and there is no shortage of any petroleum products, even as most other nations have taken emergency measures to dramatically reduce domestic consumption.
According to the Ministry of Defence, India currently possesses 60 days of crude oil reserves, 60 days of natural gas and 45 days of LPG rolling stock, ensuring uninterrupted supply across the country. India’s foreign exchange reserves remain strong at $703 billion, while the country continues to meet domestic fuel demand in full despite global disruptions.
The government highlighted that India is among the few nations where petroleum prices have remained stable even after more than 70 days of conflict-driven international volatility. In contrast, many countries have witnessed fuel price hikes ranging from 30% to 70%. However, Indian oil marketing companies are reportedly absorbing losses of nearly ₹1,000 crore daily, with under-recoveries touching almost ₹2 lakh crore in the first quarter of 2026, to protect citizens from rising international crude prices.
Ministers were also informed that there is sufficient availability of essential commodities with no reason for public anxiety or panic buying. Supply chains remain stable, and conservation efforts are aimed at strengthening long-term preparedness if the crisis prolongs further, it added.
Mr. Singh directed ministries and State governments to implement Prime Minister Narendra Modi’s appeal for responsible fuel consumption and public participation. Citizens have been encouraged to use public transport, opt for carpooling, reduce unnecessary foreign travel, promote domestic tourism and avoid non-essential gold purchases for a year to help conserve foreign exchange reserves.
The Prime Minister also appealed to farmers to reduce chemical fertilizer use by 50%, adopt natural farming practices and expand the use of solar-powered irrigation pumps to cut diesel consumption in agriculture.
The Defence Minister stressed that India’s priority is to ensure uninterrupted energy flows, maintain economic stability and secure maritime trade routes. He also called for faster expansion of renewable energy, diversification of fuel supplies and stronger investment in energy-efficient technologies.
The meeting further reviewed measures to support the industry and MSMEs. The Union Cabinet has recently approved the Emergency Credit Line Guarantee Scheme 5.0 worth ₹2.55 lakh crore to provide liquidity support to businesses affected by the ongoing global crisis.