Indian Government Assures Fuel Supply Amid Panic Buying Rumors
Govt says auto fuel shortage rumour led to panic buys, assures stocks adequate
MintImage: Mint
The Indian government has dismissed rumors of a fuel shortage and price hikes, assuring that adequate stocks of petrol and diesel are available nationwide. Despite some panic buying triggered by these rumors, the petroleum ministry confirmed that retail prices remain unchanged and that cooking gas supplies are being prioritized amid ongoing geopolitical tensions.
- 01The government confirmed there is no fuel shortage in India.
- 02Panic buying was reported in some areas due to rumors of a price hike.
- 03Retail prices for petrol and diesel remain unchanged.
- 04Cooking gas supplies are prioritized, despite some strain due to geopolitical issues.
- 05An LPG tanker is expected to arrive in Visakhapatnam on May 13.
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The Indian government has rejected rumors of an automobile fuel shortage that led to panic buying in various regions. The Ministry of Petroleum assured that adequate stocks of petrol and diesel are available at all petrol stations, and retail prices for these fuels remain unchanged. The ministry emphasized that all refineries are operating at high capacity and that there are sufficient crude inventories. While cooking gas supplies have been strained due to the ongoing conflict in West Asia, household demand is being prioritized, and no shortages have been reported. The government also noted that a tanker carrying 46,313 tonnes of cooking gas is expected to arrive at Visakhapatnam port on May 13. Additionally, the Organization of Petroleum Exporting Countries (Opec) and its allies announced a modest increase in crude oil output, though global supplies remain disrupted due to the blockade of the Strait of Hormuz.
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The assurance of fuel availability may stabilize consumer confidence and reduce panic buying, ensuring that households and businesses have access to necessary fuel supplies.
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