India well-stocked on essentials; PM Modi urges conservation to cut fiscal strain

New Delhi: India has adequate amount of essential commodities, and Prime Minister Narendra Modi's call for conservation is aimed at building long-term resilience and reducing the fiscal burden if the crisis persists, said an informal group of ministers on West Asia chaired by defence minister Rajnath Singh which met on Monday, according to an official statement.

Singh directed officials to implement at the ground level the PM's appeal to reduce petrol and diesel consumption through greater use of public transport, electric vehicles, and car-pooling.

"There is a huge cost being borne by the nation as international crude prices continue to remain very high," the statement said, adding that the PM's appeal for fuel conservation could help curb "wasteful consumption, so that the fiscal burden on the nation is reduced in the present and into the future."


Modi's appeal on Sunday has been widely interpreted as a sign of an imminent increase in pump prices, which have remained largely unchanged since the start of the war on February 28, except for premium petrol, bulk diesel and commercial LPG. The remarks also triggered long queues at fuel stations in some areas.

Separately, speaking at an industry event, oil secretary Neeraj Mittal said the government's intent is to keep fuel prices stable, but declined to comment on whether pump prices would be raised soon.

Mittal said the government was also looking at expanding strategic reserves of both oil and gas. "For a country like India, which consumes 5 million barrels a day, maintaining a 90-day reserve would mean putting a lot of money in a box without using it at all," he said, responding to criticism that India's strategic petroleum reserves were too small.