Energy security during Middle East crisis: Why India keeps relying on state-run oil firms despite privatisation bids

India’s state-run oil companies have proven indispensable during recent crises, ensuring uninterrupted fuel supplies amidst floods, the pandemic, and Middle East conflicts. Despite past privatization attempts and criticisms, these public sector oil marketing companies have consistently prioritized national energy security over profit, absorbing global price shocks to shield consumers. Their extensive network and strategic role make them the backbone of India’s energy resilience, a capability private entities may not replicate.