Parliamentary Panel Urges India Government to Maintain 90-Day Oil Buffer Stock

NDTV | March 18, 2026 | 04:32 AM IST | Breaking News, India, Politics | Follow on Google News

Parliamentary Panel Urges India Government to Maintain 90-Day Oil Buffer Stock

The government needs to boost its stock of crude oil and bring it to the global standard of 90 days’ buffer stock in view of the fuel crisis sparked by the war in Iran, a Parliamentary Standing Committee on Petroleum and Natural Gas has said.

In its 7th Report on “Demand for Grants (2026-27), the committee has also recommended that the Ministry make every possible effort to achieve the global standard. As part of this, it needs to explore the possibility of constructing more caverns wherever geological conditions are favourable, the committee has recommended.

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As the target for PNG connections by the year 2034 is over 12 crore and the number of PNG connections currently much lower, the committee has said the ministry may explore the possibility of prioritising PNG connections as part of City Gas Distribution network.

In view of the lower number of LPG refills by the rural poor under the Pradhan Mantri Ujjwala Yojana, the committee said the ministry should explore if more than usual subsidy can be given to regions which have lowest refill rates.

The committee has also recommended that LPG be made available and affordable among the existing beneficiaries — particularly in rural and low income areas.

“As the third largest consumer of energy in the world, India’s requirement for hydrocarbons continues to surge. Its total primary energy demand is expected to almost double, increasing from around 22 million barrels of oil equivalent per day in 2024 to about 43.6 million barrels of oil equivalent per day by 2050. As per International Energy Agency (IEA), India will contribute over 40% of the global increase in oil demand and about 8% of the growth in natural gas demand between 2024 and 2025,” the committee said in its report.

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