Is India Heading For Lockdown Over Global Gas & Oil Crisis? Here's What Minister Puri Says

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday dismissed speculation about a possible lockdown, calling such rumours "completely false."

In a post on X, Puri stated that the government is closely monitoring global developments in energy, supply chains, and essential commodities, and assured citizens that under Prime Minister Narendra Modi's leadership, all necessary steps are being taken to guarantee uninterrupted availability of fuel and critical supplies.

He urged people to remain calm and united, warning that attempts to spread panic are irresponsible and harmful.The clarification came against the backdrop of volatile international crude oil prices, which have surged dramatically in recent weeks. Puri explained that prices had jumped from around $70 per barrel to nearly $122 per barrel within a month, largely due to geopolitical tensions in the Middle East following a joint Israel-US operation in Iran.

This spike has triggered sharp increases in fuel costs worldwide, with petrol and diesel prices rising between 20% and 50% across regions such as Southeast Asia, North America, Europe, and Africa.

In response, the Indian government announced a significant reduction in excise duties on fuel. On Friday, the Centre cut excise duty to ₹3 per litre on petrol and eliminated it entirely for diesel. At the same time, a windfall tax of ₹21.5 per litre was imposed on diesel exports, ensuring that refineries selling abroad contribute to stabilizing domestic supply.

Finance Minister Nirmala Sitharaman and Puri both praised the Prime Minister's decision, describing it as bold and visionary, aimed at shielding Indian citizens from the worst effects of global energy volatility.

Puri elaborated that the government faced two stark choices: either pass on the full burden of rising international prices to consumers, as many countries have done, or absorb the financial impact itself. The Modi administration opted for the latter, taking a substantial hit on taxation revenues to protect households and businesses from steep fuel price hikes.

According to Puri, oil companies were facing losses of approximately ₹24 per litre on petrol and ₹30 per litre on diesel due to the soaring global rates. By slashing excise duties and levying export taxes, the government sought to balance the interests of citizens with the sustainability of the energy sector.

He underscored that India has consistently demonstrated resilience in the face of global uncertainties, from the Russia-Ukraine conflict to the present Middle East crisis. The government's proactive measures, he said, reflect its commitment to timely and coordinated action. Puri expressed gratitude to both Prime Minister Modi and Finance Minister Sitharaman for prioritizing the welfare of citizens over fiscal concerns, reiterating that the administration remains fully prepared to handle emerging challenges.

The minister's statement not only reassured the public about the absence of any lockdown plans but also highlighted India's broader strategy of insulating its people from international shocks. By absorbing financial losses and imposing export levies, the government aims to maintain stability in domestic fuel prices while ensuring that essential supplies remain uninterrupted.