New Delhi, May 23: The Indian Oil Corporation (IOC) stated on Saturday that there is no overall shortage of petrol and diesel in the country. The supply issues reported at some petrol pumps are described as ‘local and temporary’.
In a statement, IOC explained that these minor issues have arisen due to an imbalance between demand and supply in certain areas, as well as changing sales patterns. The company is continuously monitoring the situation and taking necessary steps to ensure uninterrupted fuel supply to customers.
The statement reassured the public, saying, “We want to assure customers and the general public that there is no overall shortage of petrol and diesel in the country. The situation observed at some retail outlets is entirely local and temporary, caused by the imbalance in demand and supply and the altered sales patterns.”
According to IOC, the increase in demand at some petrol pumps is attributed to the seasonal rise in diesel demand during the harvest season. Additionally, due to relatively higher fuel prices at private petrol pumps, customers have shifted towards government pumps. There has also been an increase in institutional purchases at public sector pumps.
The company noted that only a very small number of outlets in its network of over 42,000 petrol pumps have experienced supply disruptions, while the majority of pumps maintain normal and sufficient stock and supply.
Government oil marketing companies have ensured adequate fuel reserves across the country and are continuously taking steps to address the disruptions in various locations to maintain uninterrupted supply.
IOC emphasized, “Despite the continuous and extraordinary increase in demand, Indian Oil is consistently meeting the needs of customers across the country.”
Earlier on Saturday, petrol and diesel prices were raised again, marking the third adjustment in retail fuel rates in the past ten days. Government oil companies increased petrol prices by 87 paise per litre and diesel prices by 91 paise per litre. This hike is attributed to rising global crude oil prices and ongoing geopolitical tensions in West Asia, which are impacting the international energy market.