New Delhi: A day after PM Modi Issuing a list of “resolutions” to conserve fuel and save foreign exchange, the government on Monday urged people to remain calm and avoid panic, saying the country has ample oil supplies and concrete steps were being taken to prevent shortages and supply chain disruptions.Chairing the meeting of the Informal Group of Ministers (IGOM) on the Development of West Asia, Defense Minister Rajnath Singh said, “The primary focus of the government is to ensure that energy flows remain uninterrupted, economic stability is maintained and maritime trade routes remain safe”.At the CII annual meeting, Petroleum Secretary Neeraj Mittal said there was no need for fuel rationing or panic buying, though he urged people to follow the PM’s guidelines.Modi reiterated his appeal on Monday and suggested schools to consider online classes temporarily. “First came Covid-19, then global economic challenges and now rising tensions in West Asia. The impact of these circumstances is increasingly being felt across the world and India is certainly no exception,” he said in Vadodara. “Through every small and big effort, we should reduce the consumption of imported products and avoid personal activities that involve expenditure of foreign exchange.”

Reiterating the message, Mittal said, “In times of crisis, we need to remind ourselves that these fuels are expensive. If we can save on them, then this dollar can be saved. This money can go into some development programs that are productive for the country instead of being squandered.”“There is adequate supply. There is no rationing. That is not going to happen. India has been an oasis of comfort,” he said.Mittal said India’s large refining base has helped cushion supply shocks, meet domestic demand and allow exports of refined petroleum products.The IGOM, consisting of several ministers, was informed that there is a surplus of essential commodities and that current conservation efforts are directed at long-term capacity building in case the crisis escalates for a longer period. “India has 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock. Foreign exchange reserves stand at $703 billion. India is the world’s third-largest oil refiner and fourth-largest exporter of petroleum products, exporting to over 150 countries, and it is completely meeting domestic demand. But the nation has to bear the heavy cost as international crude oil prices remain very high. Fuel conservation can reduce this burden,” a government release said.