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New Delhi: Despite global tensions around the Strait of Hormuz and disruptions in supply chains, India has not increased fuel prices for the last four years and continues to maintain sufficient reserves of crude oil and LPG, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday.

Speaking at the CII Annual Business Summit 2026 in New Delhi, the minister said that while several countries are facing fuel shortages and sharp price hikes of 50–60 per cent, India has managed to maintain stability in the energy sector. He described the decision to keep fuel prices unchanged for four years as a major achievement of the government.

Puri noted that supply disruptions through the Strait of Hormuz have now entered the 75th day. However, India has turned this challenge into an opportunity by increasing domestic LPG production from 36,000 metric tonnes per day to 54,000 metric tonnes per day.

He added that India currently holds adequate reserves, including 60 days of crude oil stock, 60 days of LNG reserves, and 45 days of LPG storage.

Financial burden on oil companies
While the supply situation remains stable, the minister acknowledged financial stress on state-owned oil marketing companies. He said these companies are incurring losses of around Rs 1,000 crore per day due to current pricing conditions. Total under-recoveries have reached nearly Rs 1.98 lakh crore.

He also noted that LPG demand has fallen from 90,000 metric tonnes to 75,000 metric tonnes due to seasonal factors. The government is closely monitoring the situation on a daily basis, and citizens have been urged not to panic.