New Delhi: The Indian Oil Corporation on Saturday claimed that there was no overall shortage of petrol and diesel in the country and described fuel outages reports’ highly localized’ and temporary. The firm highlighted that the shortage could be caused by regional demand supply imbalance and shifting sales patterns.
In a statement, IOC said it “wishes to reassure customers and the general public that there is no overall shortage of petrol and diesel in the country. The current situation being witnessed at certain retail outlets is highly localized and temporary in nature, arising due to local demand-supply imbalances and redistribution of sales patterns in select areas”. It asserted that attempts were made to maintain sufficient fuel inventories nationwide and were taking steps to address isolated disruptions and ensure uninterrupted supplies.
The state-owned oil marketing firm cited the harvesting season, migration of consumers from private pumps and increased institutional purchases as reason for the shortage. It also urged consumers to avoid panic buying, reiterating its commitment to maintaining seamless fuel availability across the country.
“IndianOil, along with other oil marketing companies (OMCs), continues to maintain adequate overall stocks and supplies of petrol and diesel across the country,” the statement further read.
Earlier in the day, oil companies announced an increase of 87 paise per liter in the price of petrol and 91 paise per liter in diesel. Taking the cumulative increase in retail fuel rates to nearly Rs 5 a litre in less than 10 days. Likewise, Indraprastha Gas Limited (IGL) also spiked the price of CNG by Rs 1 per kg. After the implementation of the new rates, the price of CNG in Delhi has increased to Rs 81.09 per kg.
The recent spike in largely linked to global developments. International energy markets have witnessed severe volatility due to tensions in West Asia and disruptions around the Strait of Hormuz, one of the world’s most important energy transit routes. The corridor that handles nearly one fifth of the global oil and gas trade has pushed the prices sharply overriding shortage.
India imports nearly 90% of its crude oil requirements, making domestic fuel prices vulnerable to international developments.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News