The Indian government has stated that there is no shortage of petroleum products in the country, despite the ongoing West Asia crisis. However, public-sector oil marketing companies are absorbing losses of nearly ₹1,000 crore a day to keep pump prices from rising.
Defence Minister Rajnath Singh chaired a meeting of the Informal Group of Ministers (IGoM) on West Asia, which noted that India has 60 days of crude oil and natural gas stocks, and 45 days of LPG rolling stock.
Prime Minister Narendra Modi has appealed to Indians to save fuel, avoid gold purchases, and work from home, emphasizing the need for prudence in the usage of petroleum products and reducing wasteful consumption.
The opposition has criticized the government for not reducing taxes and passing on the crude-price burden to consumers. The markets have been spooked by the austerity call, with the BSE Sensex tumbling 1,300+ points on Monday.
