Oil market companies - BPCL and IOCL clarify no shortage of fuel and assure adequate supply available

Oil marketing companies – Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) on Tuesday clarifying about no fuel shortage and assured through their respective Twitter handles about the adequate amount of supplies available across the country.

BPCL tweeted, “We assure everyone that there is adequate product availability at all our Fuel Stations, across our network. Therefore, there is no need to panic.”

“We put on record our commitment for uninterrupted supplies of petrol and diesel in all markets where we have our presence,” the company further said through its official Twitter handle.

Similarly, IOCL’s Twitter handle also said, “Dear Customers, this is to assure that product availability at our retail outlets is absolutely normal. There is adequate product availability and supplies to all markets. We request you not to panic. Indian Oil is fully committed to serve at all times.”

We assure everyone that there is adequate product availability at all our Fuel Stations, across our network. Therefore, there is no need to panic.

We put on record our commitment for uninterrupted supplies of petrol and diesel in all markets where we have our presence.

— Bharat Petroleum (@BPCLimited) June 14, 2022

Earlier on Tuesday, an IANS report had said that a petrol and diesel crisis has hit Rajasthan hard with around 2,000 petrol pumps across the state, including 100 in Jaipur, have gone dry.

According to petroleum dealers, BPCL and HPCL have restricted the fuel supply and are providing only 33 per cent oil of the total demand which is triggering the fuel crisis, the report further stated.

Dear Customers,This is to assure that product availability at our retail outlets is absolutely normal. There is adequate product availability & supplies to all markets. We request you not to panic. #IndianOil is fully committed to serve at all times. @HardeepSPuri @ChairmanIOCL pic.twitter.com/rndgCLqqn3

— Director (Marketing), IndianOil (@DirMktg_iocl) June 14, 2022

Rajasthan Petrol Dealers Association President Sunit Bagai told IANS that the first major reason for this shortage is the closure of petrol pumps of Reliance and Essar for almost two weeks.

India`s oil product demand in May was up 860,000 barrels per day or 22 per cent year-on-year from a low base in 2021, S&P Global Commodity Insights said in a note.

The demand for May was some 80,000 barrel higher than its growth forecast, partly due to stronger-than-expected demand for transportation and the government`s announcement of a cut in excise duty on petrol by Rs 8 per litre & Rs 6 per litre on diesel, which provided some support for demand.