New Delhi

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said oil marketing companies are incurring losses of nearly Rs 1,000 crore per day because of soaring international crude oil prices and mounting under-recoveries, even as the government continues to ensure uninterrupted fuel availability across the country.

Addressing the CII Annual Business Summit 2026, Puri said total under-recoveries are projected to touch approximately Rs 1.98 lakh crore, while quarterly losses may reach close to Rs 1 lakh crore.

He pointed out that crude oil prices have risen sharply in recent months, climbing from nearly USD 64-65 per barrel to around USD 115 per barrel.

“If you look at the fiscal situation, my oil companies are losing Rs 1,000 crore every day. Under-recovery is expected to touch Rs 1,98,000 crore, while quarterly losses are nearly Rs 1 lakh crore. Oil prices that were earlier around USD 64 or 65 per barrel have now risen to USD 115,” the minister said.

Puri said the last 75 days have been particularly difficult due to geopolitical developments and global supply disruptions, but India has managed to maintain stable energy supplies throughout the period.

Rejecting what he called misleading narratives surrounding India’s energy imports, the minister clarified that India has never imported LNG from Russia.

“There are several myths circulating. I recently read a report claiming India had refused an LNG shipment from Russia. The reality is that India has never imported LNG from the Russian Federation,” he said.

Highlighting India’s growing role in the global energy sector, Puri said the country is currently the world’s third-largest oil refiner and fourth-largest exporter of petroleum products.

On domestic fuel prices, he stated that India has not increased petrol or diesel prices since 2022, despite global volatility.

“As far as I remember, fuel prices have not been increased for the last four years. We are probably the only country in the world to have maintained this,” he said, adding that fuel pricing decisions are not influenced by elections.

The minister also referred to disruptions around the Strait of Hormuz, a key route for global energy shipments.

“Nearly 60 per cent of our LPG imports earlier came through the Strait of Hormuz. We had to make alternative arrangements,” he said.

Puri added that India significantly boosted domestic LPG production during the crisis period, increasing output from around 35,000-36,000 metric tonnes per day to nearly 54,000 metric tonnes daily.

“This achievement in itself is extraordinary,” he remarked.

According to the minister, there has been no shortage of petrol, diesel, or LPG anywhere in India despite the ongoing global tensions.

“Every petrol pump in the country has continued to supply petrol and diesel. LPG availability has also remained more than sufficient,” he said.

He further noted that petrol consumption has risen by nearly 6 per cent during the crisis period, while LPG consumption was marginally reduced through effective supply management measures.

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Puri said India’s energy sector has shown resilience amid international uncertainty despite attempts by some groups to spread panic and misinformation regarding fuel availability.