Bhopal News: Adequate Fuel Stock In Madhya Pradesh, Says Dealer Association

Bhopal (Madhya Pradesh): The US-Israel-Iran war has sparked concern among residents about fuel prices, but there is no need to panic as the state has adequate stock of petrol and diesel to meet demand, the Madhya Pradesh Petrol Pump Dealers Association said. Daily petrol consumption stands at 1232.88 MT and diesel at 1643.84 MT in Madhya Pradesh, the association added.

According to Indian Oil Corporation (IOC), the nodal agency in Madhya Pradesh, a buffer stock of 21 days is maintained regularly. Fuel reserves can last 60 to 90 days in Madhya Pradesh, depending on usage, if flows through the Strait of Hormuz remain disrupted due to the Israel-Iran war.

There are 3,700 petrol pumps across MP, including 192 in Bhopal, according to the association. On Tuesday, the petrol price in Bhopal was Rs 106.52 per litre, while diesel cost Rs 91.89 per litre.

Amid the West Asia crisis, Tehran has shut down the Strait of Hormuz, a choke point that carries around 50% of oil to India. This route covers Hormuz, Oman, Iran and Qatar. The Saudi Arabia route has also been shut down, so India will not import oil from these routes.

However, two options are still available for India. Russian crude purchases will help address the energy requirement. Secondly, curbs on export of refined oil to European countries have been imposed, the association said.

The Union Petroleum Ministry said on X that in view of ongoing geopolitical developments in the Middle East, the Minister of Petroleum and Natural Gas reviewed the supply situation for crude oil and LPG. The situation is being continuously monitored and all steps will be taken to ensure availability and affordability of major petroleum products in the country.

Association president Ajay Singh confirmed that there is petrol and diesel stock for two to three months, so people should not worry about any shortage.

The Hormuz-Iran and Saudi Arabia routes have been closed due to the ongoing crisis in the Middle East, but we have the option to procure oil from Russia. Secondly, the government has taken a decision to stop supply of refined oil to European countries, Singh said.

So we still have two options to ensure proper availability of diesel and petrol. The hike in prices that is expected will be relatively low in our country due to availability of oil from Russia and curbs on exports to European countries, he added.