Page 58 - Policy Economic Report - Jan 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Petroleum and Natural Gas Shri Hardeep Singh Puri said at the Closing Ceremony of India Energy Week
(IEW) 2026. The event was organised in Goa from 27th January to 30th January 2026.

Speaking during the closing fireside chat, Shri Puri emphasised that India’s energy strategy is anchored in
diversification, resilience and forward-looking transitions. “We have coped very well with successive
geopolitical shocks. Each challenge has been converted into an opportunity—through diversification of
supply sources and a rapid transition towards cleaner fuels,” the Union Minister said.

Highlighting India’s global standing, Shri Puri noted that the country is today the third-largest energy
consumer, fourth-largest refiner and among the top exporters of petroleum products, “India will continue
to ensure availability, affordability and sustainability of energy, even amid global uncertainty,” Shri Puri
added.

The Union Minister also emphasised the government’s push on compressed biogas (CBG), green hydrogen
and indigenous clean-energy technologies, alongside continued investments in conventional fuels.
“Traditional energy will remain essential, but the strides we are making—from ethanol blending to CBG,
hydrogen and biofuels—give us confidence that greener fuels will play an expanding role,” he said.

Addressing concerns around consumer impact during global price shocks, the Minister said that India has
successfully insulated its citizens from volatility. “Global turmoil has never been passed on to the
consumer. India today has among the lowest energy prices in the world, and uninterrupted supply has
been maintained even during crises,” he said, citing timely interventions by oil marketing companies in
ensuring fuel prices, including that of LPG, remained affordable to consumers.

Following the Minister, Dr. Neeraj Mittal, Secretary, Ministry of Petroleum and Natural Gas, presented
the government’s blueprint to support India’s growth trajectory. “With projected economic growth of
over 7 percent, energy demand will rise sharply. Our focus rests on two pillars: strengthening domestic
exploration and production, and positioning India as a reliable supplier of refined products to the world,”
the Secretary said.

Dr. Mittal outlined ambitious plans to accelerate upstream activity, including increased drilling and
exploration to enhance self-reliance. He also stressed on integration of refining and petrochemicals to
maximise value addition and reduce imports. “We are building scale at home while remaining competitive
globally,” he added.

On energy transition, Dr. Mittal highlighted the importance of technology and digitalisation. “From
logistics optimisation to AI-driven efficiencies, technology is becoming central to lowering costs and
improving operational resilience,” he noted. He added that India is well on track to meet its targets on
CBG, with a goal of achieving 5 percent blending by 2030, supported by active state participation and
farmer-led biomass supply chains.

The closing session reinforced India Energy Week 2026’s role as a platform that bridges energy security,
affordability and sustainability, while positioning India as a steady, credible and pragmatic leader in a
rapidly evolving global energy landscape.

January 2026 Page | 57