Indian Oil Corporation (IOC) on Monday assured consumers there is no fuel shortage across the country, saying recent supply disruptions are highly localized and temporary. The statement comes after panic buying and long queues at petrol pumps in several states, following rumors of a countrywide shortage. The oil major stressed that petrol and diesel stocks are sufficient to meet the regular demand across its vast network and supplies are being maintained smoothly across the country.
The increase in demand at some retail outlets was largely due to a rush of customers from private marketing companies to public sector fuel stations, the official said. The move came as state-run retailers kept prices unchanged despite volatility in global crude, while some private players either cut volumes or raised prices to curb losses. The sudden, focused arrival of vehicles briefly overwhelmed logistics and movements of tank trucks at selected locations, leading to a few dry-outs at pumps.
IndianOil has enhanced stock dispatches and also extended the working hours of its supply terminals to ramp-up distribution operations to tackle the situation. The corporation also urged citizens not to panic buy, saying refilling trucks are currently re-supplying impacted stations. Industry experts also said the temporary supply-demand mismatch is being rapidly addressed as public sector oil marketing companies mobilize additional logistics to normalize operations across the country.
