Despite government assurances of adequate stocks, panic buying has triggered long fuel queues across India following Middle East supply disruptions.
AHMEDABAD: Panic buying has gripped parts of India, leading to long queues at fuel stations despite government assurances of adequate stocks.
The shortages stem from the Middle East conflict, where Iran has virtually closed the strategic Strait of Hormuz.
This vital waterway normally carries one-fifth of the world’s oil, and its closure has sent global energy prices soaring.
India imports over 85% of its crude oil needs, making it highly vulnerable to such supply shocks.
Prime Minister Narendra Modi’s government insists it has “adequate crude inventories” and sufficient petrol and diesel stocks.
Retail fuel prices in the country have so far been held steady.
“Don’t believe rumours,” India’s top oil ministry official Sujata Sharma told reporters. “Don’t indulge in panic buying.”
Despite these appeals, panic buying has been reported in several states.
Police were deployed to guard fuel depots in Gujarat after sales reportedly doubled.
Private employee Ashish Singh said he queued for nearly an hour. “I was given only Rs 2000 (USD 21) worth of fuel,” he told AFP.
Marketing executive Shailesh Prajapati also faced rationing. “I could only get Rs 300 (USD 3) worth of petrol,” he said.
Indian media reported similar disruptions in the southern states of Telangana and Karnataka.
Several pumps in Telangana displayed “no stock” signs following a surge in sales.
State-owned refiners issued statements calling rumours of shortages “completely unfounded”.
“There is no shortage of petrol or diesel,” said Indian Oil Corporation Limited.
