In light of rising global crude prices, the Indian government has confirmed that there is no shortage of petroleum products in the country. However, public-sector oil marketing companies are absorbing losses of nearly ₹1,000 crore (roughly $120 million USD) daily to prevent a rise in fuel prices. Prime Minister Narendra Modi recently urged citizens to conserve fuel and avoid unnecessary purchases, including gold, to alleviate the fiscal burden on the nation. The government stated that India has 60 days of crude oil and 45 days of LPG reserves, assuring the public that there is no need for panic buying. Despite these reassurances, the opposition has criticized the government for its handling of the situation, suggesting that the current austerity appeals may foreshadow future price hikes. The stock market reacted negatively, with the BSE Sensex experiencing a significant drop of over 1,300 points, the largest decline since March, as investors expressed concerns over the government's economic strategies. Modi's calls for austerity have also faced backlash, with critics arguing that they reflect a failure to manage the economy effectively.