No overall shortage of petrol, diesel in country: Indian Oil Corporation
New Delhi, May 23
There is no overall shortage of petrol and diesel in the country and outages reported at some retail outlets are "highly localised" and temporary, Indian Oil Corporation said on Saturday.
These small outages are caused by regional demand-supply mismatches and shifting sales patterns, the IOC said in a statement. The company is closely monitoring the situation and taking adequate measures to address these isolated situations and ensure uninterrupted fuel supplies to consumers.
"We wish 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 localised and temporary in nature, arising due to local demand-supply imbalances and redistribution of sales patterns in select areas," according to the statement.
Higher demand at certain retail outlets was caused by a seasonal rise in diesel consumption during the harvesting season, migration of customers from private pumps where retail prices were relatively higher, and increased institutional purchases at public sector outlets.
Only a very small number of outlets in its network of more than 42,000 fuel stations had witnessed supply disruptions, while stocks and supplies at the majority of pumps remained normal and adequate, said IOC.
State-owned oil marketing firms continued to maintain sufficient fuel inventories nationwide and were taking steps to address isolated disruptions and ensure uninterrupted supplies. "Despite this sustained and exceptionally high growth in demand, IndianOil continues to consistently meet customer requirements across the country," it added.
Earlier in the day, petrol and diesel prices were increased, marking the third revision in retail fuel rates in just 10 days.
Petrol became costlier by Rs 0.87 per litre, while diesel prices were raised by Rs 0.91 per litre by state-owned oil marketing companies. The latest hike comes amid sustained pressure from rising global crude oil prices and ongoing geopolitical tensions in West Asia, which continue to impact international energy markets.
— IANS
Reader Comments
I live in a rural area and we did see some pumps running dry last week during harvest season. The diesel demand for tractors and threshers is very high. IOC's explanation about seasonal rise makes sense, but they should have anticipated this better. Hope they improve logistics next time.
Good to hear IOC's assurance, but the real issue is the continuous price hike every 10 days! 🛢️ Global crude prices are out of our control, but why not reduce taxes to give some relief to common man? Fuel is already touching record highs in many states.
I appreciate the clarification but honestly, as a daily commuter in Bangalore, I've seen queues outside some IOC pumps near my area. The 'localised' issues are real for us. Hope they fix it quickly because two-wheeler riders like me are stuck without alternative nearby.
As someone who drives across states for work, I've noticed price variations between public and private pumps. The migration to PSU pumps due to lower rates is logical, but it creates artificial demand spikes. Maybe IOC should coordinate better with private players to balance supply.
Simple solution: reduce excise duty and VAT! Fuel prices are killing our monthly budgets. The government collects so much tax on petrol and diesel, they can afford to cut a bit. Prices have doubled in last few years, but salaries haven't. 😤
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