India's plan could be similar to a move by Australia, which last month said it would build up an emergency oil stockpile initially by buying crude to store in the US Strategic Petroleum Reserve to take advantage of low oil prices.
He did, however, say that certain states need to be proactive in facilitating the return of their people.
Dharmendra Pradhan said that overproduction and low demand had led to a "low price regime" in crude oil.
Fuel demand growth in India, the world's third-biggest oil importer and consumer, plunged to historic lows in April, provisional data shows, as the country's eight-week long lockdown hit economic and industrial activity.
India has also diverted some of the state refiners' excess oil to fill the 5.03 million tonne strategic petroleum reserves (SPRs), helping companies which are struggling to find storage avoid charges for delays in offloading fresh cargo deliveries.
According to an official data, the government has a total of 58.49 million tonne of foodgrains in the FCI godowns.
The G20 Energy Ministers' focused on ways and means to ensure stable energy markets, which are affected due to demand reduction as result of the COVID-19 pandemic and the ongoing surplus production related matters.
Making a strong pitch for SAARC nations to jointly combat the virus, Modi had on Sunday committed USD 10 million for the emergency fund, and asserted that the best way to deal with the pandemic was by coming together, and not growing apart.
The government transfers the subsidy amount directly into the bank accounts which the beneficiaries use to buy LPG at the market price.
He was speaking at a 'Workshop on Enabling Procedures for Increase of Steel Usage for the Growth of Economy' event organised by jointly ministry of steel, industry body CII and Ministry of Economy, Trade and Industry, Japan.
The Minister for Petroleum and Natural Gas, and Steel, who is on a two-day visit to Chhattisgarh, was talking to reporters on his arrival at the Swami Vivekananda Airport here.
The minister also asked Indian steel companies to enhance output, particularly special steel, to grab larger global market share.
A sharp drop in natural gas prices offers government the opportunity to reignite gas-based power units
Responding to a query on lower LPG connections in Bihar, the minister said the state had achieved 22-23 per cent coverage when the scheme was launched.
The land was given as part of the deal and financial compensation for the same was also given to the respective state or individual, Pradhan said.
Rosneft, which is the majority owner of India's second biggest private oil refinery, is keen to expand in the world's third largest and the fastest growing energy market.
While Bharti Airtel and Vodafone Idea did not pay the dues, billionaire Mukesh Ambani-led Reliance Jio paid Rs 195 crore to clear all outstanding against it, official sources said.
Pradhan said the approach to the Supreme Court and discussions with the DoT were being conducted simultaneously.
The minister said the Centre is looking to import coking coal, a raw material for making steel, at a reasonable price as the country has set a target to produce 300 million tonne of the metal by 2030-31.
Pradhan said he has discussed the progress of an oil refinery project in Sainshand, Mongolia, for which India is assisting with a credit line of $1,236 million.
ONGC was the sole bidder in five blocks in Madhya Pradesh and one in West Bengal and it was locked in competition with OIL in one block in Rajasthan.
When the Goods and Services Tax (GST) was introduced on July 1, 2017 amalgamating 17 central and state levies, five commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of its purview given the revenue dependence of state governments on this sector.
Natural gas currently makes up for 6.2 percent of all energy consumed in the country. To cut dependence on polluting coal and liquid fuels, the government is targeting its share to rise to 15 percent by 2020-30.
During the Question Hour, he said steel is a deregulated sector where market forces and commercial considerations decide construction and location of new steel plants.
He also said the total number of steel plants in the country stood at 977. During the Question Hour, he said steel is a deregulated sector where market forces and commercial considerations decide construction and location of new steel plants.