New Delhi, May 23: The Indian Oil Corporation (IOC) announced on Saturday that there is no overall shortage of petrol and diesel in the country. Any supply issues at certain petrol pumps are described as ‘local and temporary.’
In a statement, IOC explained that these minor disruptions are due to imbalances in demand and supply in specific areas, along with changing sales patterns. The company is closely monitoring the situation and taking necessary steps to ensure uninterrupted fuel availability for 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, resulting from demand-supply imbalances and altered sales patterns in certain regions.”
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, higher fuel prices at private petrol pumps have led customers to shift towards government-operated pumps. There has also been an increase in institutional purchases at public sector pumps.
The company noted that only a small number of outlets within its network of over 42,000 petrol pumps have experienced supply disruptions, while most pumps continue to maintain normal and sufficient stock levels.
Government oil marketing companies have established ample fuel reserves nationwide and are actively working to resolve any obstacles to ensure a consistent supply.
IOC stated, “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 over the past ten days.
Government oil companies increased petrol prices by 87 paise per liter and diesel prices by 91 paise per liter. This hike is attributed to rising global crude oil prices and ongoing geopolitical tensions in West Asia, impacting international energy markets.
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