Oil Minister Puri Says Fuel Prices Unrelated To Elections; Indicates Hike In Future

Union Petroleum Minister Hardeep Singh Puri said there is no shortage of fuel in India despite rising tensions in the Middle East and concerns over global oil supplies.

India’s LPG production has increased to 54,000 tonnes from around 35,000 tonnes earlier, he said at the CII Annual Business Summit 2026.

The minister also denied any linkage between stable fuel prices in the country and state assembly elections.

“We’ve converted the challenge into an opportunity. We haven’t raised prices for the last four years. I’m not saying prices will not go up. I’m saying prices and elections are unrelated,” Puri said.

Puri assured people that India has enough fuel stocks and that oil marketing companies are fully prepared to meet demand across the country. He said there is no reason for panic buying or concern over fuel availability.

He said international developments, especially geopolitical tensions, are affecting oil markets worldwide.

The comments came as crude oil prices moved higher because of concerns related to tensions involving Iran and possible disruptions to global oil supply routes.

Puri said India has diversified its crude oil imports and is buying oil from several countries to reduce risks linked to supply disruptions from any single region.

He added that India is closely monitoring global developments and is taking all necessary steps to ensure energy security and stable fuel supplies.

The government and oil companies are reviewing the situation regularly and are prepared to respond if international oil prices rise sharply.

The minister also said India’s energy strategy includes increasing domestic production, expanding refining capacity, and maintaining strategic petroleum reserves to handle global uncertainties.

Higher crude oil prices could increase inflationary pressures because fuel costs affect transportation, manufacturing, and other sectors of the economy.

Despite concerns in global markets, the government maintained that India’s fuel supply situation remains stable and under control.