India Steers Through Global Fuel Turbulence: No Rationing Ahead

India is steadfast in maintaining fuel supplies despite chaos in global energy markets, confirmed top oil ministry official Neeraj Mittal. Speaking at the CII's Annual Business Summit, he assured the public there are ample inventories, with government strategies in place to avert rationing.

Leading efforts by Prime Minister Narendra Modi for fuel conservation amid escalating global prices, India's commitment to price stability sees it managing a substantial loss from holding fuel prices below international levels. The government has rapidly expanded energy import sources and cut excise duties to absorb price shocks.

Mittal revealed India is accelerating domestic energy programs, including strategic petroleum reserves and alternative energy projects, without detrimentally locking funds. He emphasized India's robust refining capabilities, ensuring the country meets local demands while continuing to export. Strategic measures prevent disruptions despite geopolitical tensions in West Asia.

(With inputs from agencies.)