OMCs assure Indians of adequate fuel stocks amid panic buying — 'Everything is operating smoothly
Major oil marketing companies in India, including BPCL and HPCL, have issued urgent clarifications to dismiss rumors of a nationwide petrol shortage. State-owned retailer Bharat Petroleum Corporation Limited (BPCL) explicitly urged citizens not to hoard LPG or diesel despite global supply concerns reported elsewhere. Officials confirmed that fuel stocks remain adequate across the country with all operations running smoothly on Wednesday morning as Indians rush for supplies in response to misinformation about scarcity and price hikes affecting their daily lives
Key Points
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1Leading Oil Marketing Companies (OMCs) in India have collectively dismissed rumors regarding a fuel shortage across petrol and diesel supplies.
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2Companies state they possess adequate stockpiles to meet national demand, describing the scarcity claims as completely unfounded or false.
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3The clarifications were issued amidst global disruptions caused by US-Iran tensions that are causing panic buying in India.
Developments
On March 25, state-owned oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corp Ltd. (BPCL), and Hindustan Petroleum Corp Ltd. (HPCL) confirmed there is no shortage of petrol or diesel in India despite regional supply disruptions caused by the war in West Asia. While crude imports have been secured from diverse sources, some curtailment has occurred for industrial users due to prioritization during LNG shortages affecting domestic fuel supplies and compressed natural gas distribution.
Several major oil companies in India have issued statements confirming that there is no petrol or diesel shortage and dismissing rumors as false. They urged the public not to panic buy while assuring uninterrupted supply despite global disruptions related to Iran's control of the Strait of Hormuz.
State-owned fuel retailer BPCL clarified that India has sufficient petrol and diesel reserves with no shortage or supply disruptions. The company urged the public to avoid panic buying while confirming stable LPG availability nationwide amidst global oil market volatility in West Asia.