Govt Reviews West Asia Situation, Assures Adequate Fuel Supply

ENA Sectors 2026-05-12 17:05:18 New Delhi, May 12 (KNN) Defence Minister Rajnath Singh on Monday chaired a meeting of the informal group of ministers (IGoM) in New Delhi to review the evolving situation in West Asia and assess its potential impact on India. The meeting evaluated recent developments and discussed measures to strengthen preparedness while minimising disruption to citizens and the economy, according to a Ministry of Defence press release. No Shortage of Fuel, Strong Reserves in Place The release said, India has 60 days of crude oil, 60 days of Natural Gas and 45 days of LPG rolling stock. The foreign exchange reserves stand at a comfortable USD 703 billion. India is the worlds third largest oil refiner and fourth largest exporter of petroleum products, exporting to over 150 countries and is meeting domestic demand in full. But there is a huge cost being borne by the nation as international crude prices are continuing at very high levels. Fuel conservation can ease this burden, it added. High Global Prices, Domestic Impact Contained Despite elevated global crude prices, domestic fuel prices have remained largely stable for over two months. Oil marketing companies have absorbed significant financial losses—estimated at nearly Rs 1,000 crore per day—leading to under-recoveries of about Rs 2 lakh crore in the first quarter of FY26, to shield consumers from price shocks, the release highlighted. Focus on Energy Security and Diversification Singh said that, the primary focus for India during the current phase is to ensure that energy flows remain uninterrupted, economic stability is maintained, and maritime trade routes remain secure, directing all stakeholders to remain vigilant and prepared for any situation. He also emphasised the need to accelerate the transition to renewable energy, diversify supply sources, enhance energy efficiency, and reassess strategic reserves to strengthen long-term energy security. Need for Proactive Crisis Preparedness The minister underlined that global conflicts have far-reaching implications and called for improved crisis anticipation, early warning systems, and coordinated preparedness across government agencies to effectively manage future disruptions. (KNN Bureau) 46092 https://knnindia.co.in/news/newsdetails/sectors/govt-reviews-west-asia-situation-assures-adequate-fuel-supply 2026-05-12 17:05:18 knnindia.co.in Govt Reviews West Asia Situation, Assures Adequate Fuel Supply