Amid disruptions in global energy supply and fears of tough action over fuel and gas shortages due to the US-Iran war, oil companies on Wednesday dismissed rumors of petrol and diesel shortages, saying India has adequate reserves.
The US-Israeli strikes on Iran on February 28 ignited a war that affected not only the Gulf region, but the entire world, with the main waterway in the Strait of Hormuz effectively closed.
Reports indicate that a fifth of the world’s gas and fuel needs pass through the Strait of Hormuz, which Iranian retaliation has led to suffocation.
Amid tankers carrying gas and crude oil being stranded or delayed due to a bottleneck in the Strait of Hormuz, questions have mounted about what steps the government will take to meet the global crisis, to the point that some have asked whether lockdown-like measures could be in place.
Oil companies deny rumors of fuel shortages
In the face of growing speculation and fears, Indian oil companies Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd on Wednesday said the rumors were baseless.
“Rumors about petrol and diesel shortages are completely baseless. India has abundant fuel reserves and supply chains are functioning normally,” BPCL said.
BPCL added that it is fully operational and committed to uninterrupted fuel supply.
Hindustan Petroleum Corporation Limited (HPCL) made a similar statement in its letter, assuring customers that there is no shortage of petrol, diesel or LPG across the country.
“Dear customers, there is no shortage of petrol, diesel or LPG across the country. Fuel supplies remain stable, and adequate stocks are available. Customers are advised not to be misled by rumours or resort to panic buying. Please continue with normal consumption patterns. HPCL remains committed to ensuring uninterrupted and seamless fuel supply across its network.”
Online searches for “lockdown in India” have been on the rise since Tuesday, March 24, which was also the sixth anniversary of the nationwide lockdown announced by Prime Minister Narendra Modi in 2020 due to the COVID-19 outbreak.
Searches for “war closure” rise
Some searches on Tuesday were also on whether there will be a lockdown again in India due to the war. The Indian government has maintained through multiple statements made so far on the conflict in West Asia that there is no need to panic over global disruptions in gas and oil supplies, however, people have been urged to be cautious in their use of key natural resources.
Prime Minister Narendra Modi’s recent speech to Parliament, in which he predicted a strong possibility of ill effects from the ongoing war, also described the disruption of global energy supplies due to fighting in the oil-rich Gulf region as having “severe consequences.”
Drawing attention to the long-term risks, Prime Minister Narendra Modi noted in his speeches to Parliament on Monday and Tuesday that while India’s endeavor is to ensure safe access for ships carrying all essential commodities, be it oil, gas or fertilisers, continued global unrest caused by this war “will inevitably lead to dire consequences”.
Modi said the government was working on all fronts to manage the situation and protect public interest, adding: “I urge the citizens to be prepared for every challenge. The impact of this war may be long-lasting, but I assure the people that the government is alert and the interest of the nation remains paramount.”
Prime Minister Modi said that there is a strong possibility that the ill effects of this war will continue for a long time, assuring the public that the government is alert and prepared and is formulating strategies and taking every decision with the utmost seriousness.
Listen in
“The interests of the people of the country are of utmost importance to us. This is our identity and this is our strength. It is with this feeling that I conclude my statement,” Modi said.
Prime Minister Modi stressed that “India is working to accelerate all resilience-building measures taken over the past years.”
Speaking about India’s decade-long strategic preparedness, Prime Minister Modi noted that every crisis tests the country’s resolve and efforts, and that consistent and far-sighted decisions have been taken over the past eleven years to ensure the country’s resilience in the face of such challenges.
