New Delhi [India], May 11 (ANI): As global energy markets reel from the prolonged conflict in West Asia, the Indian government and private sector leaders have issued a clarion call for a 'national mission' to conserve fuel and protect the economy.

Chaired by Defence Minister Rajnath Singh, the 5th Informal Group of Ministers (IGoM) met on Monday to finalise a strategy that blends military-grade strategic planning with a public appeal for mass participation, echoing the collective spirit of the COVID-19 pandemic.

Despite international volatility, the IGoM confirmed that India's immediate energy security is robust. The government revealed a significant 'rolling stock' of reserves to prevent any domestic panic.

'The IGoM was informed that the country is secure, and there is no shortage of any petroleum product, even as most other nations have taken emergency measures to dramatically reduce domestic consumption. India has 60 days of crude oil, 60 days of Natural Gas and 45 days of LPG rolling stock. The foreign exchange reserves stand at a comfortable $703 billion. India is the world's third largest oil refiner and fourth largest exporter of petroleum products, exporting to over 150 countries and is meeting domestic demand in full,' as per the Ministry of Defence press release.

The financial stakes of this 'collective effort' are immense. While the government has successfully shielded the Indian consumer from the immediate sticker shock at the petrol pump, the underlying economic math highlighted why Prime Minister Narendra Modi appealed to the people for collective participation to help the country deal with global economic disruptions, supply chain challenges and rising prices caused by international conflicts.

'There is a huge cost being borne by the nation as international crude prices are continuing at very high levels. Fuel conservation can ease this burden. PM Modi emphasised prudence in the usage of petroleum products and reducing wasteful consumption, so that the fiscal burden on the nation is reduced in the present and into the future,' read the release.

Moreover, India currently finds itself in a unique position where domestic fuel prices remain steady despite a 70-day global conflict. However, this stability is not 'free,' it is being financed by massive under-recoveries. 1,000 crore daily loss, the amount Indian Oil Marketing Companies (OMCs) are absorbing every single day to prevent inflation from hitting households.

2 Lakh Crore fiscal burden, the estimated total loss for the first quarter of 2026 alone. To put this in perspective, this is a significant portion of the national budget that would otherwise go toward infrastructure, education, or healthcare.

'India is among the few countries where petroleum prices have held steady through this period of global volatility even after more than 70 days since the conflict started. In many nations, prices have increased by 30 to 70 per cent. However, India's oil marketing companies have absorbed losses of close to Rs 1,000 crore a day, with under-recoveries running to nearly Rs 2 lakh crore in Q1 '26 so that the burden of global astronomical prices is not passed to the Indian citizens. There is no reason for anxiety, and no reason for any citizens to rush to retail outlets,' said the release.

The Prime Minister's appeal for 'collective participation' is effectively a call to reduce the National Import Bill. Every liter of petrol or diesel saved by a citizen through carpooling or public transport translates directly into keeping more of the $703 billion reserves intact, lowering the subsidy or 'under-recovery' burden on the state and lower demand for dollars to buy crude helps keep the Rupee stable.

The Prime Minister, on May 11, 2026, exhorted the people to reduce petrol and diesel consumption by using metros & public transport, opting for car pooling; help conserve foreign exchange reserves by refraining from unnecessary foreign travel, choosing domestic tourism & celebrations within India, and avoiding non-essential gold purchases for a year.

He had urged the farmers to reduce chemical fertiliser usage by 50 per cent, move towards natural farming practices, help protect soil health & reduce import dependence, and encourage wider adoption of solar-powered irrigation pumps instead of diesel pumps in agriculture.

'Ministries and States must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness, and responsible consumption behaviour,' said Rajnath Singh.

Minister of Chemicals and Fertilizers Jagat Prakash Nadda; Minister of Petroleum and Natural Gas Hardeep Singh Puri; Minister of Railways, Information and Broadcasting, Electronics & Information Technology Ashwini Vaishnaw; Minister of Parliamentary Affairs Kiren Rijiju; Minister of Civil Aviation Kinjarapu Rammohan Naidu, Minister of Ports, Shipping and Waterways Sarbananda Sonowal; and Minister of State (Independent Charge) of the Ministry of Science & Technology Dr Jitendra Singh attended the meeting.

They were informed that there is a surplus amount of essential commodities for the people, and the present conservation is intended towards long-run capacity building if the crisis prolongs. The supply management has been good, and the people need not panic or resort to over-purchasing of fuel & other products.

The IGoM clarified that the current conservation drive isn't because the tanks are empty, it's because the cost of refilling them is historically high. By reducing 'wasteful consumption' now, India can stretch its 60-day crude and gas reserves further without having to buy more oil at 'astronomical' peak prices.

The request for farmers to cut chemical fertiliser use by 50% is a masterstroke in reducing import dependency. Fertilisers are highly energy-intensive to produce and import; moving toward natural farming and solar pumps (like the PM-KUSUM initiative) decouples Indian food security from West Asian oil volatility.

In a post on X after the meeting, Rajnath Singh commended the work being done by the Government towards ensuring supplies of all essential commodities. He urged the people to remain calm and avoid any kind of panic as all concrete steps are being taken to prevent shortages or disruptions in supply chains.

Defence Minister emphasised that the primary focus for India during the current phase is to ensure that energy flows remain uninterrupted, economic stability is maintained, and maritime trade routes remain secure. He directed all stakeholders to remain vigilant to deal with every situation.

Singh underlined the urgent need for India to accelerate the process of transforming its energy mix, rapidly expanding renewable-based alternative energy sources, identifying more reliable & diversified energy supplies, and increasing investment in energy efficiency technologies. He called for re-evaluation of strategic reserve requirements to tackle issues arising out of supply chain disruptions, with future energy security in mind.

He asserted that the West Asia situation should not be viewed merely as a stand-alone event, as any form of international crisis directly or indirectly affects all nations in today's interconnected global environment. He stressed the need to focus on strategic crisis anticipation, early warning assessment, scenario planning, and timely whole-of-government preparedness.

The government is treating this crisis as an opportunity to 'institutionalise responsible consumption.' Rather than a temporary belt-tightening, the push for Metros, carpooling, and domestic tourism is intended to create a more resilient, self-reliant economy that is no longer at the mercy of global supply chain disruptions.

In short, the message from both the Government and the tech industry is clear: Individual conservation is now a form of economic patriotism.

The IGoM was informed about the recent policy measures undertaken specifically to support industry, including MSMEs. To provide liquidity support to the industry, including MSMEs, the Union Cabinet on May 05 approved the Emergency Credit Line Guarantee Scheme 5.0 with a total additional credit flow target of Rs 2,55,000 crore to provide credit guarantee coverage of 100% for MSMEs and 90% for non-MSMEs, as well as the airline sector.

Moreover, taking cognisance of the Industry demand for advisory related to 'force-majeure-like' risks in public procurement contracts, the Ministry of Finance has also enabled force majeure-related relief measures, including a circular by the Department of Expenditure clarifying that the ongoing crisis should be treated as war for consideration of Force Majeure whereby the performance deadlines can be extended by 2-4 months from February 28.

The Ministry said, 'India's fertiliser stock position remains robust, with total availability reaching 199.65 lakh tons as of May 11, 2026, a significant increase from 178.58 lakh tons on the same date last year.

The Informal Group of Ministers (IGoM) was briefed that supplies continue to exceed national requirements, highlighted by substantial year-on-year growth in DAP (from 14.87 to 22.52 lakh tons) and NPKs (from 48.32 to 60.42 lakh tons), ensuring a stable agricultural outlook.

For Kharif 2026, the fertiliser requirement has been assessed by DA&FW at 390.54 LMT, against this stock as on today is around 199.65 LMT (more than 51%), significantly higher than the usual level of about 33%. (ANI)