New Delhi, May 12 -- The Ministry of Defence has informed in a meeting of Informal Group of Ministers (IGoM) that since the crisis in West Asia started, India's oil marketing companies have absorbed losses of close to Rs.1,000 crore a day to hold fuel prices steady amid a global surge. It informed that under-recoveries are running to nearly Rs.2 lakh crore in Q1 '26.

The meeting was chaired by Defence Minister Rajnath Singh to take stock of the latest developments in the conflict and how India's readiness could be bolster to ensure its minimum effect on the people.

The meeting was attended by Minister of Chemicals & Fertilizers Jagat Prakash Nadda, Minister of Petroleum and Natural Gas Hardeep Singh Puri, Minister of Railways, Informati...