There is no overall shortage of petrol and diesel in the country and outages reported at some retail outlets are "highly localised" and temporary, Indian Oil Corporation (IOC) said on Saturday
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NEW DELHI — There is no overall shortage of petrol and diesel in the country and outages reported at some retail outlets are "highly localised" and temporary, Indian Oil Corporation (IOC) said on Saturday.
These small outages are caused by regional demand-supply mismatches and shifting sales patterns, the IOC said in a statement. The company is closely monitoring the situation and taking adequate measures to address these isolated situations and ensure uninterrupted fuel supplies to consumers.
“We wish to reassure customers and the general public that there is no overall shortage of petrol and diesel in the country. The current situation being witnessed at certain retail outlets is highly localised and temporary in nature, arising due to local demand-supply imbalances and redistribution of sales patterns in select areas,” according to the statement.
Higher demand at certain retail outlets was caused by a seasonal rise in diesel consumption during the harvesting season, migration of customers from private pumps where retail prices were relatively higher, and increased institutional purchases at public sector outlets.
Only a very small number of outlets in its network of more than 42,000 fuel stations had witnessed supply disruptions, while stocks and supplies at the majority of pumps remained normal and adequate, said IOC.
State-owned oil marketing firms continued to maintain sufficient fuel inventories nationwide and were taking steps to address isolated disruptions and ensure uninterrupted supplies. "Despite this sustained and exceptionally high growth in demand, IndianOil continues to consistently meet customer requirements across the country,” it added.
Earlier in the day, petrol and diesel prices were increased, marking the third revision in retail fuel rates in just 10 days.
Petrol became costlier by Rs 0.87 per litre, while diesel prices were raised by Rs 0.91 per litre by state-owned oil marketing companies. The latest hike comes amid sustained pressure from rising global crude oil prices and ongoing geopolitical tensions in West Asia, which continue to impact international energy markets.