Indian Oil Corporation (IOC), the nation's largest oil firm, categorically denied reports of a nationwide fuel shortage on Saturday. According to reports from Business Standard and ETEnergyworld, IOC stated there was no overall shortage of petrol and diesel in the country and described fuel outages reported at some retail outlets as 'highly localised' and temporary. The state-owned fuel retailer emphasized that the current situation was caused by regional demand-supply mismatches and shifting sales patterns rather than systemic supply issues. In its latest statement, IOC reiterated its commitment to reassuring customers and the general public that there is no overall shortage of petrol and diesel in the country, stating the current situation is highly localised and temporary in nature, arising due to local demand-supply imbalances and redistribution of sales patterns in select areas. The company confirmed that despite this sustained and exceptionally high growth in demand, Indian Oil continues to consistently meet customer requirements across the country.
IOC reported robust demand growth across both fuel categories during the recent period. As reported by Business Standard, petrol sales during May 1-22 rose 14 per cent year-on-year, while diesel sales increased around 18 per cent, reflecting 'sustained and exceptionally high' growth in demand. The company maintained that it continues to consistently meet customer requirements across the country despite this elevated demand pattern. According to the latest statement, IOC confirmed that despite this sustained and exceptionally high growth in demand, Indian Oil continues to consistently meet customer requirements across the country. The company further stated that during the period from May 1 to May 26, the company recorded substantial growth in fuel sales over the corresponding period last year, with petrol sales increasing by 14 per cent and diesel sales by around 18 per cent.
The higher demand at certain locations was attributed to multiple factors according to IOC's statement. According to Business Standard and ETEnergyworld, these included seasonal increase in diesel demand during the ongoing harvesting period, temporary shift of customers from certain private retail outlets due to relatively higher prices at private pumps, and increased migration of institutional and commercial demand to PSU retail outlets as bulk and institutional supplies are currently priced significantly higher in line with prevailing international market prices. The company's latest statement specifically highlighted that the higher demand being witnessed at some locations is attributable to seasonal increase in diesel demand during the ongoing harvesting period, temporary shift of customers from certain private retail outlets, owing to relatively higher retail prices at some private pumps, and increased migration of institutional and commercial demand to PSU retail outlets, as bulk and institutional supplies are currently priced significantly higher in line with prevailing international market prices. IOC added that state-owned oil marketing firms continued to maintain sufficient fuel inventories nationwide and were taking steps to address isolated disruptions.
IOC provided specific details about the extent of supply disruptions across its extensive retail network. As reported by Business Standard and ETEnergyworld, 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. The company stated that Indian Oil, along with other oil marketing companies (OMCs), continues to maintain adequate overall stocks and supplies of petrol and diesel across the country. In its latest statement, IOC confirmed that Indian Oil, along with other oil marketing companies (OMCs), continues to maintain adequate overall stocks and supplies of petrol and diesel across the country. The company clarified that such instances are limited to only a very small number of retail outlets in its network of more than 42,000 fuel stations had witnessed supply disruptions, while stocks across the majority of outlets remain normal and adequate.
IOC issued specific guidance to consumers regarding fuel availability and purchasing behavior. According to Business Standard and ETEnergyworld, the company urged consumers to avoid panic buying and reiterated its commitment to maintaining seamless fuel availability across the country. IOC stated it remains committed to maintaining uninterrupted fuel supplies to consumers and is closely monitoring the situation and taking adequate measures to address these isolated situations. The company's latest statement emphasized that the company is closely monitoring the situation and taking adequate measures to address these isolated situations and ensure uninterrupted fuel supplies to consumers. IOC said it remains committed to maintaining seamless fuel availability across the country and requests customers to avoid unnecessary panic buying.
