60 days of oil stocks, 8 lakh tonnes of LPG secured
NEW DELHI, March 26: India has about 60 days of oil stock cover and has arranged one full month of LPG supply, the government said on Thursday, adding that there is no shortage of petrol, diesel, or LPG, calling reports of shortages as a “deliberate misinformation campaign” aimed at triggering panic buying.
Amid reports of panic buying and long queues at petrol pumps and LPG distributors, the Ministry of Petroleum and Natural Gas, for the first time since the war in West Asia broke out, released stock details of crude oil, fuels and LPG as it rushed to calm nerves.
Parallely, state-owned oil marketing companies also said there is no shortage of petrol, diesel or liquefied petroleum gas (LPG) and supplies remain stable.
In a statement, the ministry said all petrol pumps across the country are adequately stocked and operating normally, with no rationing of petrol or diesel.
With some petrol pumps, especially in smaller towns, finding difficulty in lifting fuel after oil companies put them on cash-and-carry, the ministry said steps have been taken to increase credit to petrol pumps to over three days from earlier allowed one day in order to ensure that there is no shortage of petrol and diesel at any pump due to working capital issues of pump owners.
“There is no shortage of petrol, diesel, or LPG anywhere in the country,” it said, emphasising that the country’s petroleum and LPG supply situation is “fully secure and under control.” Stating that all retail fuel outlets have enough supplies, the ministry called upon citizens not to be “misled by a deliberately mischievous, coordinated campaign of misinformation that is being carried out to spread unjustified panic.” While the Iran war has disrupted the supply of half of the crude oil (raw material used to make fuels like petrol and diesel), the country has secured enough crude supplies from elsewhere for the next 60 days.
On LPG, whose supply has been scarce because of the shutting down of Strait of Hormuz – the conduit which shipped a bulk of Indian supplies, the ministry said 800,000 tonnes of LPG cargoes have been secured and one full month of supply is firmly arranged. (PTI)
