State-run oil marketing companies have strongly refuted reports suggesting a shortage of petrol and diesel across India, asserting that fuel supplies are stable and retail outlets are functioning normally. The companies emphasized that adequate fuel stocks are available nationwide, aiming to quell any public concern and prevent panic buying.
Oil Giants Deny Shortage Rumours, Urge Calm
IOC, BPCL, and HPCL Issue Joint Clarifications
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) have collectively addressed circulating rumours that have created undue apprehension among consumers. These statements aim to reinforce confidence in the nation’s fuel supply chain.
Indian Oil Corporation (IOC) stated unequivocally, “there is no shortage of petrol or diesel.” The company warned that unfounded rumours disseminated online could lead to unnecessary anxiety and potentially disrupt established supply patterns, underscoring the importance of reliable information.
Bharat Petroleum Corporation Limited (BPCL) characterized the shortage reports as “completely unfounded.” The company highlighted India’s position as a net exporter of both petrol and diesel, confirming that “adequate stocks of crude oil, petrol, diesel and ATF” are maintained. BPCL assured the public that its supply chains are operating “smoothly without any disruption.”
Hindustan Petroleum Corporation Limited (HPCL) echoed these sentiments, reporting that supplies for petrol, diesel, and LPG remain “stable.” The company joined its counterparts in advising consumers against panic buying to ensure the continued smooth functioning of retail outlets and prevent artificial demand surges.
Stable Fuel Prices Amid Global Geopolitical Challenges
Diversified Sourcing Strategy Bolsters Supply Security
The reassurances come at a time when global oil markets are experiencing volatility due to ongoing geopolitical tensions in West Asia, now in its fourth week. The conflict has led to concerns over the passage of oil tankers through crucial maritime routes like the Strait of Hormuz, impacting global supply chains for oil, LNG, and LPG.
Despite these international disruptions, fuel prices in India have largely remained steady. This stability is attributed to India’s strategic approach to crude oil procurement. The nation sources its crude from a diverse range of over 40 countries, a strategy that effectively mitigates risks associated with supply disruptions from any single region. This diversified sourcing includes significant volumes from countries like Russia and Iran, helping to manage both availability and cost parameters.
Current Fuel Price Snapshot
As of March 26, the retail prices for petrol and diesel in major metropolitan cities reflect this period of stability. In the national capital, New Delhi, petrol is priced at Rs 94.77 per litre, and diesel is available at Rs 87.67 per litre. In Mumbai, petrol costs Rs 103.50 per litre, with diesel priced at Rs 90.03 per litre.
While the prices for regular grades of petrol and diesel have seen no change, oil marketing companies recently adjusted the prices for premium petrol, increasing it by approximately Rs 2 per litre. Similarly, industrial diesel prices saw an upward revision of Rs 22 per litre. It is noteworthy that the premium petrol segment constitutes less than 5 percent of the total user base, indicating a minimal impact on the majority of consumers.
The robust and stable fuel supply situation in India is a testament to the strategic foresight of its public sector undertakings. By maintaining substantial reserves and employing a dynamic, multi-country sourcing policy for crude oil, these companies ensure that the nation’s energy needs are consistently met, even amidst complex global energy market dynamics.