India's Energy Resilience: Navigating Global Oil Price Surge and Supply Challenges

Union Petroleum and Natural Gas Minister Hardeep Singh Puri revealed the financial strain on oil marketing companies, losing approximately Rs 1,000 crore daily due to soaring global crude oil prices. Addressing the CII Annual Business Summit 2026, Puri confirmed that the anticipated under-recovery on fuel could reach around Rs 1,98,000 crore with quarterly losses nearing Rs 1 lakh crore.

He highlighted the sharp increase in crude oil prices from USD 64-65 per barrel to nearly USD 115. Despite these financial pressures, Puri assured that India has maintained stable fuel supplies amid global disruptions and debunked narratives of India's alleged refusal to import LNG from Russia, emphasizing India's major role as an energy importer and refiner on the global stage.

Touching upon domestic fuel prices, Puri noted India's decision against raising prices since 2022, reiterating these are independent of electoral cycles. He discussed the strategic maneuvering around the Strait of Hormuz's disruptions, crucial for global energy trade, showcasing India's augmentation of local LPG production to 54,000 metric tons daily to avert any supply shortages amid a 6% rise in petrol consumption during the crisis.

(With inputs from agencies.)