No reason to panic, but follow PM's energy pointers: Govt

NEW DELHI: A day after PM Modi set out a list of "resolutions" to conserve fuel and save foreign exchange, govt on Monday urged people to stay calm and avoid panic, saying there were enough oil supplies in the country and concrete steps were being taken to prevent shortages and supply chain disruptions.

Chairing a meeting of the informal group of ministers (IGoM) on West Asia developments, defence minister Rajnath Singh said, "govt's primary focus is to ensure that energy flows remain uninterrupted, economic stability is maintained and maritime trade routes remain secure".

At CII's annual meet, petroleum secretary Neeraj Mittal said there was no need for fuel rationing or panic buying, even as he urged people to follow the PM's guidelines.

Modi doubled down on his appeal on Monday, and suggested chools consider online classes temporarily.

"First came Covid-19, followed by global economic challenges, and now rising tensions in West Asia. The impact of these circumstances is continuously being felt across the world, and India is certainly not immune to it," he said in Vadodara.

"Through every small and big effort, we must reduce consumption of imported products and refrain from personal activities that involve expenditure of foreign currency."

'Conservation effort aimed at building capacity for long-term'

Echoing the message, Mittal said, "At times of crisis, we need to remind ourselves that these fuels are expensive. If we can save on them, then that's dollars saved. This money can go into some development programmes which are productive for the nation, rather than being blown in the air."

He added, "There are sufficient supplies. There is no rationing in place. It's not going to happen. India has been an oasis of comfort."

Mittal said India's large refining base had helped cushion supply shocks, meet domestic demand and allow exports of refined petroleum products.

The IGoM, attended by several ministers, was informed that there is a surplus of essential commodities and the present conservation effort is directed at long-term capacity-building in case the crisis gets prolonged. "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 more than 150 countries, and it is meeting domestic demand in full. But 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," a govt release said.