Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said India ensured stable fuel prices and uninterrupted energy supplies despite global disruptions and rising crude oil prices, while significantly boosting domestic LPG production to meet growing demand.Addressing the CII Annual Business Summit 2026, Puri highlighted India's resilience in handling global energy shocks through strong policy coordination and effective supply management.
"At a time of global supply shocks and rising crude prices, India ensured seamless availability of petrol, diesel, and LPG across the country, with no reports of shortages. Despite sharp global volatility, fuel prices have largely remained unchanged since 2022, reflecting strong policy coordination and effective supply management," the minister said.Puri said India has enhanced domestic LPG production from nearly 36 thousand metric tonnes per day to around 54 thousand metric tonnes per day, helping the country maintain supply stability and price control amid rising consumption.He further said India has developed adequate energy buffers, including nearly 60 days of crude oil reserves and 45 days of LPG stocks, to safeguard the country against external disruptions.
Highlighting India's growing role in the global energy landscape, Puri said the country's energy story should not be viewed solely through the lens of imports.
"India's energy story is not just about imports, but also about being a leading global refining hub," he said, noting that India is currently the world's third-largest refining hub and the fourth-largest exporter of petroleum products, with refining capacity reaching nearly 260 million metric tonnes annually.
On the exploration and production front, the minister said the government has undertaken major reforms to revive domestic hydrocarbon output. He noted that India possesses 3.5 million square kilometres of sedimentary basins and exploration activities are being expanded from 6 per cent to 15 per cent coverage.
Puri said previously restricted "no-go" areas have now been opened for exploration, while reforms such as the Open Acreage Licensing Policy (OALP) IX are attracting both domestic and international participation.
Referring to future energy potential, he said the Andaman region has consistently shown promising hydrocarbon reserves and added that initiatives like "Samudra Manthan" aim to accelerate deepwater exploration efforts.
The minister also described the Oilfields (Regulation and Development) Amendment Act, 2025, as a major reform measure that has improved ease of doing business and encouraged greater private investment in the sector.
He urged industries to transition from LPG to LNG and adopt piped gas infrastructure, stating that piped gas is 15-20 per cent cheaper and significantly cleaner.