India's Fuel Stocks Remain Sufficient, Petrol and Diesel Supplies Normal, Say State Oil Companies

Indian Oil Corporation Limited (IOCL) and other state-run oil marketing companies, including Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), have issued statements addressing concerns about a shortage of petrol and diesel in India.

According to IOCL, reports of a fuel shortage are baseless, and fuel stocks in the country remain sufficient. The company stated that the country's fuel distribution network continues to operate without disruption.

Similarly, BPCL and HPCL issued statements assuring the public that rumors of petrol and diesel shortages are unfounded. They added that supply chains are operating normally, and there is ample fuel reserves.

These statements come amid global energy supply concerns following escalating tensions in West Asia. The conflict began on February 28 after US and Israeli strikes on Iran, which raised concerns about possible disruptions to global oil supply, particularly around the Strait of Hormuz.

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India sources nearly 40% of its crude oil imports from the Middle East, with a significant portion transported through the Strait of Hormuz. However, officials cited in the report said India remains in a comfortable position in terms of crude oil, petroleum product, and LPG stocks.

India has also been purchasing crude oil from Russia since 2022, with the share of Russian crude in India's total oil imports increasing from 0.2% in 2022 to 20% in February this year. This increase follows changes in global oil trade flows after the Ukraine conflict and sanctions on Russian energy exports.

The US Treasury Secretary announced a 30-day waiver allowing India to continue purchasing Russian oil, described as a short-term step to ensure oil flows into global markets while tensions in West Asia affect Gulf oil supplies.