NEW DELHI: A day after Prime Minister Narendra Modi outlined a series of resolutions to conserve fuel and save foreign exchange, the government on Monday appealed for calm, urging people to avoid panic buying. Officials assured the nation that there are adequate oil supplies and concrete steps are being taken to prevent shortages and supply chain disruptions.
Government Reassures on Energy Security
Defence Minister Rajnath Singh chaired a meeting of the informal group of ministers (IGoM) on West Asia developments. He stated that the government's primary focus is to ensure uninterrupted energy flows, maintain economic stability, and secure maritime trade routes.
At the Confederation of Indian Industry's annual meeting, Petroleum Secretary Neeraj Mittal emphasized that there is no need for fuel rationing or panic buying. He urged citizens to follow the Prime Minister's guidelines on conservation.
PM Modi's Appeal Intensifies
On Monday, PM Modi reiterated his appeal, even suggesting that schools consider temporary online classes to reduce fuel consumption. Speaking in Vadodara, he said, "First came Covid-19, followed by global economic challenges, and now rising tensions in West Asia. The impact is felt worldwide, and India is not immune. Through every small and big effort, we must reduce consumption of imported products and refrain from activities that expend foreign currency."
Conservation for Long-Term Capacity Building
Petroleum Secretary Mittal echoed this message: "At times of crisis, we need to remind ourselves that these fuels are expensive. Saving them means saving dollars. This money can be channeled into productive development programmes rather than being wasted." He added, "There are sufficient supplies. No rationing is in place or planned. India has been an oasis of comfort."
Mittal highlighted that India's large refining base has helped cushion supply shocks, meet domestic demand, and allow exports of refined petroleum products.
IGoM Briefing on Commodity Surplus
The IGoM, attended by several ministers, was informed of a surplus in essential commodities. The current conservation effort aims at long-term capacity building in case the crisis prolongs. A government release stated: "India has 60 days of crude oil, 60 days of natural gas, and 45 days of LPG rolling stock. 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 meeting domestic demand fully. However, international crude prices remain very high, imposing a huge cost on the nation. Fuel conservation can ease this burden."
