India's Top Oil Companies Deny Shortage Fears, Assure Normal Supply

ENERGY
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AuthorAnanya Iyer|Published at:
India's Top Oil Companies Deny Shortage Fears, Assure Normal Supply
Overview

India's top oil companies, including Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL), and Indian Oil Corporation (IOCL), have strongly denied rumors of a petrol, diesel, and LPG shortage. The firms assured the public that supply chains remain normal and sufficient, urging people to avoid panic buying due to global geopolitical issues.

Assurance of Stable Fuel Supply

Major Indian oil companies issued statements Wednesday to deny widespread rumors of impending shortages in petrol, diesel, and Liquefied Petroleum Gas (LPG). Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation Limited (IOCL) called such speculation "completely false," emphasizing their commitment to ensuring an uninterrupted supply nationwide.

Global Tensions and Supply Concerns

The companies' reassurances come amid global worries about oil supply. Disruptions in the Strait of Hormuz, worsened by the ongoing Middle East crisis, have raised concerns worldwide. The statements aim to ease public apprehension and prevent hoarding that could strain distribution networks.

LPG Refill Schedules Remain the Same

Indian Oil specifically addressed rumors about changes to LPG refill booking schedules. The company confirmed that the existing timelines of 25 days in urban areas and 45 days in rural areas are still in effect. Adequate supplies are available nationwide, and customers are advised to rely on official communications and avoid panic bookings.

Price Changes for Premium Fuels

While prices for regular petrol and diesel have remained steady, oil marketing companies recently raised the price of 95-octane premium petrol by nearly ₹2 per litre and industrial diesel by ₹22 per litre. Officials noted that premium petrol accounts for less than five percent of total consumption, meaning the average consumer will see minimal impact.

Global Oil Prices Dip Amid Tensions

Despite regional supply tensions, global oil markets saw a downward trend. Brent crude futures dropped below $99 a barrel, and US West Texas Intermediate futures fell below $88 a barrel. This suggests that the immediate supply crunches feared by some market participants have not yet materialized widely, though the market remains volatile.

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