Panic and Hoarding, yet LPG bookings down by a million

In the midst of fear, states are now taking action to stop hoarding and illegal selling of LPG thus bookings have decreased by about a million. The petroleum ministry stated on Sunday that the supply of liquefied petroleum gas (LPG) is still available. State governments are taking enforcement actions to stop the hoarding and illicit marketing of gasoline, diesel, and cooking gas. The ministry added that raids have been carried out in a number of states, including Andhra Pradesh and Bihar, to check for gas cylinder hoarding and illicit marketing.

The LPG supply is under constant monitoring in view of the current geopolitical scenario. Currently no reported dry outs have been reported at any LPG distributorships. The state continues to plays a vital role in keeping the supply of essential commodities in check. High-level meetings have also been conducted in several states and union territories (UTs) to review LPG supply, ensure continuity of distribution and prevent black marketing and panic booking, the ministry. According to the Press Information Bureau (PIB), over 1,483 inspections were carried out in Uttar Pradesh alone, leading to 24 FIRs and 6 arrests for hoarding of LPG cylinders.

Petroleum Ministry has assured the stability of the supply and availability of petroleum and LPG across the country. With all refineries operating at high capacity and maintaining adequate crude oil inventories, Petroleum Ministry ensures our country remain self-sufficient in the production of petrol and diesel while no imports are made to meet domestic demand. It advises the citizens to not to resort to panic buying as adequate stocks of petrol and diesel are available across the country

Despite the global energy supply disruptions and price volatility, the state OMCs Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL)  have been able to serve the consumers nationwide without raising prices of petrol and diesel. International benchmark Brent crude price surged to $103.14 a barrel on Friday (March 13), over 41.5% jump since Iran war, about two weeks ago. Suresh Gopi, Minister of State for Petroleum informed the LokSabha on Thursday, “Prices of petrol and diesel in the country are market-determined and the Public Sector Oil Marketing Companies (OMCs) take appropriate decision on pricing of petrol and diesel.”

By far the Petrol and diesel prices have been static since from mid-March 2024. On March 15 petrol and diesel rates were reduced by ₹2 a liter, bringing down their retail prices to ₹94.72 a liter and ₹87.62 respectively. Petrol is currently priced at ₹94.77 a liter in Delhi and diesel at ₹87.67, because of a marginal five-paisa increase on October 30, 2024, on account of marketing cost adjustments.