India’s 5th IGoM on West Asia: Energy Security, Fuel Conservation & Fertiliser Assurance — Rajnath Singh

<p>The <strong>5th Informal Group of Ministers (IGoM)</strong> on West Asia was chaired by <strong>Raksha Mantri Shri Rajnath Singh</strong> on <strong>May 11, 2026</strong> at Kartavya Bhawan‑2, New Delhi. The meeting reviewed the impact of the West Asia conflict on India’s energy and essential‑commodity supply chains and outlined measures to safeguard economic stability.</p> <h3>Key Developments</h3> <ul> <li>India has <strong>60 days of crude oil</strong>, <strong>60 days of natural gas</strong> and <strong>45 days of LPG rolling stock</strong>, indicating no immediate shortage.</li> <li>Foreign exchange reserves stand at a comfortable <strong>$703 billion</strong>, providing a buffer against price volatility.</li> <li>Fuel‑price absorption by oil marketing companies amounts to roughly <strong>Rs 1,000 crore per day</strong>, with cumulative under‑recoveries of <strong>Rs 2 lakh crore in Q1 2026</strong>.</li> <li>Fertiliser stocks as on 11‑05‑2026 total <strong>199.65 Lakh tons</strong>, more than 51% of the projected Kharif requirement.</li> <li>The Union Cabinet approved the <span class="key-term" data-definition="Emergency Credit Line Guarantee Scheme 5.0 (ECLGS 5.0) — a credit guarantee programme aimed at providing liquidity to MSMEs and other sectors, with 100% coverage for MSMEs and 90% for non‑MSMEs, enhancing financial stability (GS3: Economy).">Emergency Credit Line Guarantee Scheme 5.0</span> with a target of <strong>Rs 2,55,000 crore</strong>.</li> <li>Force‑majeure provisions were extended, treating the West Asia crisis as a war situation, allowing contract deadlines to be pushed by 2‑4 months.</li> </ul> <h3>Important Facts</h3> <p>India remains the world’s <strong>third‑largest oil refiner</strong> and <strong>fourth‑largest exporter of petroleum products</strong>, supplying over 150 countries. Despite high international crude prices, domestic fuel prices have been kept stable, unlike many nations where prices rose by 30‑70%.</p> <p>Fertiliser production after the crisis (01‑03‑2026 to 10‑05‑2026) shows a decline in total output to <strong>76.78 Lakh tons</strong> from <strong>92.01 Lakh tons</strong> the previous year, but sales remain robust at <strong>71.19 Lakh tons</strong>.</p> <h3>UPSC Relevance</h3> <p>The discussion highlights several concepts vital for the UPSC syllabus:</p> <ul> <li><span class="key-term" data-definition="Strategic petroleum reserves — stockpiles of crude oil and refined products maintained by a country to cushion against supply disruptions, a key element of energy security (GS3: Economy).">Strategic petroleum reserves</span> and their adequacy in crisis management.</li> <li><span class="key-term" data-definition="Foreign exchange reserves — holdings of foreign currencies, gold, and SDRs by the Reserve Bank of India, used to manage balance of payments and stabilize the rupee (GS3: Economy).">Foreign exchange reserves</span> as a macro‑economic stabiliser.</li> <li><span class="key-term" data-definitio