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Union Petroleum Minister Hardeep Singh Puri (File Photo)
New Delhi: Union Petroleum Minister Hardeep Singh Puri on Tuesday did not rule out the possibility of a fuel price hike, citing growing financial pressure on oil marketing companies (OMCs) that are struggling to absorb losses from selling petrol, diesel and LPG at controlled rates.
Speaking at the CII Annual Business Summit 2026, he said the government is closely monitoring the situation as public sector oil firms continue to face rising costs in maintaining stable retail fuel prices.
His remarks come amid concerns that prolonged pressure on OMCs could impact their financial health, potentially forcing a policy rethink on fuel pricing.
Despite global uncertainty in energy markets, the Petroleum Minister assured that India is well-prepared in terms of supply security.
He stated that the country currently holds around 60 days of crude oil and liquefied natural gas (LNG) reserves, along with approximately 45 days of rolling stock of liquefied petroleum gas (LPG).
Officials said these buffer stocks help India manage short-term global disruptions and ensure uninterrupted supply to consumers.
Puri also indicated that if the financial stress on oil companies continues for an extended period, the government may eventually need to consider passing on the burden to consumers through fuel price adjustments.
At present, retail fuel prices have remained relatively stable despite fluctuations in global crude oil markets, largely due to government intervention and absorption of losses by OMCs.
Energy sector experts believe that any decision on price revision will depend on international crude trends, fiscal considerations, and inflation management priorities.
