Fuel Panic Buying in UP Despite Govt Appeals Amid Global Energy Crisis

The panic among the general public is a result of a global energy crisis due to the US-Israel war on Iran and the consequent Tehran-imposed blockade on the Strait of Hormuz, through which a fifth of the world's crude oil and gas supply, between 20 and 25 million barrels per day, is shipped.

Earlier today, the government slashed the excise duties for petrol and diesel, bringing them down to Rs 3 per litre of petrol and zero for a litre of diesel. Windfall tax on export of diesel has been set at 21.5 rupees/litre.

This move brings relief to oil marketing companies who were losing money on the marketing side because the cost of crude oil was shooting up. Retail prices of Petrol and Diesel remain unchanged as of now.

Earlier, the Government of India said that fuel supply across the country remains stable and retail fuel outlets are operating normally despite the ongoing developments in West Asia, urging the public not to believe rumours or resort to panic buying.

According to a statement released by the Ministry of Petroleum and Natural Gas, "All retail outlets are operating normally across the country", even as there were reports of panic buying in some areas due to rumours.

The ministry clarified that the country has adequate fuel supplies. "There are adequate stocks of petrol and diesel available at all Petrol Pumps in the country," the statement said, reiterating its advice to citizens "not to believe rumours."

The government also said that all refineries are operating at high capacity to ensure an uninterrupted energy supply.

"All refineries are operating at high capacity, with adequate crude inventories in place," the ministry said, adding that domestic LPG production from refineries has been increased to support domestic consumption.

- ANI