Indians Panic-Buying Fuel Despite Government Assurances

(MENAFN- The Peninsula) AFP

Ahmedabad, India: India’s government says there are adequate fuel stocks despite shortages due to the Middle East war, but panicking citizens have triggered long queues at filling stations.

In retaliation for US strikes that began more than three weeks ago, Iran has virtually closed the strategic Strait of Hormuz through which one-fifth of the world’s oil passes, sending global energy prices soaring.

India, one of the world’s largest crude oil importers, relies on foreign suppliers for more than 85 percent of its oil needs – with Russia being the biggest supplier.

Retail prices in India have, however, held steady, with Prime Minister Narendra Modi’s government saying it has “adequate crude inventories” and “sufficient stock of petrol and diesel”.

“Don’t believe rumours,” India’s top oil ministry official Sujata Sharma told reporters on Wednesday. “Don’t indulge in panic buying.”

But several parts of the vast country have witnessed just that nonetheless.

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Police guarded fuel depots in the western state of Gujarat after sales reportedly doubled.

Private company employee Ashish Singh said he had to queue for nearly an hour

“I was given only Rs 2000 ($21) worth of fuel,” he told AFP. “They said no to full tanks.”

He was not the only one forced to ration.

“I could only get Rs 300 ($3) worth of petrol from one station, despite asking for more,” said marketing executive Shailesh Prajapati, whose job involves long commutes on his motorbike.

Indian media report similar disruptions elsewhere.

Several pumps in the southern state of Telangana put up “no stock” signs after a surge in sales, the Hindustan Times newspaper reported.

Neighbouring Karnataka state also reported unusual queues, The Hindu reported, forcing several depots to shut.

Indian state-owned refiners issued statements Wednesday saying “rumours” about fuel shortages were “completely unfounded”.

“There is no shortage of petrol or diesel,” said Indian Oil Corporation Limited, the country’s largest oil marketing company.

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