India's Modi Calls For Fuel Conservation Amid Oil Price Surge

Modi said India must pay“special attention” to protecting its foreign currency reserves as higher oil prices increase economic pressure on one of the world's largest energy-importing countries.

The Indian leader called on people to revive practices adopted during the COVID-19 pandemic, including working from home and holding online meetings, in an effort to reduce fuel consumption and transportation demand.

He also encouraged wider use of public transportation systems such as metro networks, trains and shared vehicles to lower pressure on fuel imports and national energy supplies.

Modi urged citizens to reduce non-essential foreign travel and limit gold purchases during wedding ceremonies for at least one year, saying the measures could help reduce pressure on India's foreign exchange reserves.

The prime minister additionally described reducing edible oil consumption as both“healthy and patriotic” and asked households across the country to participate in efforts aimed at lowering import costs and conserving resources.

Modi also called on Indian farmers to cut chemical fertilizer use by half as part of broader economic and resource-saving measures. Despite rising global oil prices, the Indian government said it currently has no plans to increase domestic fuel prices.

Global fuel markets have experienced sharp volatility in recent weeks following continued conflict involving the United States, Israel and Iran. Analysts say disruptions to shipping routes around the Strait of Hormuz have significantly contributed to rising oil prices and concerns over global energy supplies.

India imports more than 85% of its crude oil requirements, making it highly vulnerable to fluctuations in international energy markets. Iraq, Saudi Arabia and the United Arab Emirates have traditionally been among India's most important oil suppliers.

Since the start of the Ukraine war, Russia has become India's largest oil supplier after Western sanctions forced Moscow to offer discounted crude exports. India sharply increased purchases of Russian oil despite criticism from some Western governments concerned about sanctions enforcement.

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