Incomplete reserves.

 "India will not participate in the International Energy Agency's (IEA) proposal to release strategic petroleum reserves (SPR) to stabilize global oil markets," because "The crisis (that led to a rise in prices) is not our creation. Those responsible have to deal with it and create situations to ease (prices)." India will continue to export refined fuels as we have "reasonably" comfortable stocks of petrol, diesel and aviation turbine fuel. TOI. On the other hand, "India allocated Rs 58.76 billion for this financial year to fill and expand its SPR but is expected to spend only Rs 10.39 billion of it - and has budgeted a mere Rs 2 billion for next year - leaving emergency stockpiles partially empty and expansion plans stalled, Budget documents show." SPR capacity is about two-thirds full and "The government's oft-cited figure of 9.5 days of crude cover from SPR assumes the caverns are full and is based on 2019-20 consumption figures." HT. Lying their heads off, aren't they?. "The Donald Trump administration of the United States yet again called India 'good actors' after 'permitting' New Delhi to buy Russian oil amid the West Asian crisis." DH. Yes Massa (dictionary). Much obliged. "The US has earlier claimed that India had stopped buying Russian oil as part of the trade deal that reduced tariffs on exports to Washington." "For India, which imports most of its oil, the combination of soaring crude prices, a weakening rupee and falling equity markets represents a triple shock." If the conflict drags on, "the impact could extend beyond financial markets into inflation, fiscal balances, corporate earnings and economic growth." ET. Inflation is under control because of weak domestic demand and soft commodity prices. Even so, "The rupee, the worst-performing Asian currency, has tumbled 9% against the dollar. This has happened even with the greenback losing ground elsewhere." "Additionally, nine million Indians work in the Persian Gulf, providing critical remittances," wrote Andy Mukherjee. The reality is that, "Even as tensions escalate across West Asia, queues outside visa application centers for Gulf countries in Delhi show little sign of slowing, with many workers saying that economic compulsions leave them little choice." ET. "Without money we will die here as well," said Dilip Yadav from Bihar. "The dual petroleum dependency: Indian households now depend on Petroleum products for both cooking (LPG) and transport (petrol, diesel, fares). Together LPG + Conveyance account for 7.5-10.2% of monthly budgets," said Shamika Ravi. That is one-tenth of monthly expense. A comparison of household monthly consumption with total income from the Periodic Labor Force Survey (PLFS) showed that 26.4% spent more than what they earned, wrote Abhishek Jha & Roshan Kishore. No reserves with the government, no reserves with households. Exposed by the conflict.