IOCL Announces Selective Fuel Price Adjustment Amid Global Crude Volatility
Indian Oil Corp Ltd (IOCL) has clarified that its latest fuel price revision applies exclusively to premium petrol XP-95, with no increases implemented for regular petrol and diesel. This decision comes despite a significant surge in global crude oil prices, which have escalated from USD 71 to USD 156 per barrel over the past 20 days. The company emphasized that this limited revision is expected to have a minimal impact on overall domestic fuel consumption, aiming to balance market stability with economic pressures.
Government Confirms Pricing Strategy and LPG Management
At an inter-ministerial briefing on Friday, Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, provided detailed insights into the fuel pricing adjustments. She confirmed that oil marketing companies have raised prices for premium petrol while maintaining unchanged rates for regular fuel. Additionally, Sharma highlighted a 25 per cent increase in industrial diesel prices, from Rs 87.67 per litre to Rs 109.59 per litre, reflecting broader market dynamics.
The ministry reported that panic booking of LPG cylinders has eased, with 55 lakh bookings recorded on Thursday. Sharma assured the public of adequate stock levels and no immediate supply shortages, though she acknowledged ongoing concerns regarding LPG availability. To address this, authorities have strengthened monitoring efforts, establishing control rooms in 32 states and Union Territories, and intensifying enforcement actions with 4,500 raids nationwide, including 1,100 in Uttar Pradesh, and 1,800 surprise inspections by oil marketing companies.
Consumer Shifts and Government Initiatives
In a notable trend, Sharma revealed that 7.5 lakh consumers have transitioned from LPG to piped natural gas, indicating a shift towards alternative energy sources. Consumers were advised to utilize door delivery systems for LPG cylinders to ensure efficient distribution and reduce panic buying. Separately, Shipping Ministry Special Secretary Rajesh Kumar Sinha announced that New Mangalore port has waived ground and reefer charges for crude and LPG shipments from March 14 to 31, aiming to facilitate smoother logistics and cost relief.
The government has issued advisories to prevent panic buying, promote judicious use of LPG, and ensure the availability of essential commodities. These measures are part of a comprehensive strategy to manage fuel resources effectively amidst global economic uncertainties and rising crude prices.
