Hyderabad/New Delhi, March 27: Fears about crude oil supply grew due to the West Asia conflict. As a result, rumours about petrol and diesel shortages spread across the country. At the same time, talk of price hikes created panic among vehicle owners.
Because of this fear, many people rushed to petrol pumps. Long queues appeared in several cities. Fuel sales also jumped in the last three days.
However, the Central government quickly clarified the situation. Officials said India has enough petrol and diesel for about 60 days. They also assured citizens that supply remains stable. This statement reduced panic buying.
Excise duty cut brings relief
Meanwhile, the Centre announced a major relief step. The government cut the additional excise duty on fuel.
The Petroleum Ministry reduced the petrol excise duty from Rs 13 to Rs 3. It also removed the Rs 10 additional duty on diesel. This move will likely reduce fuel prices.
Move aimed at price control
Officials linked this decision to global tensions. For example, the Iran conflict raised concerns about the Strait of Hormuz. This route carries about 20 percent of global oil supply.
India imports nearly 40 to 50 percent of its crude oil through this route. So, the government acted early. It wants to prevent sudden price increases.
Government rejects shortage rumours
The government also rejected rumours about fuel and gas shortages. Officials confirmed that crude oil stocks can meet demand for 60 days. They also said LPG stocks can last for 30 days.
Authorities urged people not to panic. They asked citizens to avoid unnecessary fuel storage. They also warned of action against those spreading false information.
Overall, officials said the fuel situation remains stable. Therefore, people do not need to worry.
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