Centre says no fuel shortage, appeals public to avoid panic buying

New Delhi: Amid panic buying of petrol and diesel in several parts of the country, the Centre on Monday assured that fuel stocks are adequate to meet demand and appealed to the public not to believe rumours.

"We have noticed an exceptional surge in demand in certain areas, with diesel sales rising by 30-33 per cent. This sudden spike caused temporary shortages at some retail outlets. Oil companies are actively addressing the issue. There is no shortage of fuel availability. We have sufficient stocks," said Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, during a media briefing.

In Andhra Pradesh, rumours of an imminent fuel price hike triggered widespread panic buying, leading to long queues and more than 400 petrol pumps running dry on Sunday. The government urged citizens to avoid panic purchases of petrol, diesel, and LPG, stating that all efforts are being made to ensure uninterrupted supply.

Rumours about possible price hike after the final phase of voting in West Bengal is completed on April 29 may have triggered the panic buying.

Despite a surge in international oil prices, retail petrol and diesel rates in India have remained unchanged as state-owned oil companies absorb the impact. Analysts, however, are questioning how long the oil companies could hold prices without government support.

Sharma said India has maintained adequate supplies of petrol, diesel and cooking gas despite ongoing geopolitical tensions.

Refineries are operating at high capacity with sufficient crude inventories, ensuring stable supplies of petrol and diesel. To shield consumers from rising global oil prices linked to the Middle East crisis, the government has cut excise duty on petrol and diesel by Rs 10 per litre, while raising export levies on diesel and aviation turbine fuel.