New Delhi, May 18 (IANS). Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, on Monday said state-run oil marketing companies (OMCs) are still facing huge financial pressure despite the recent fuel price hike, and the companies are still incurring losses of around Rs 750 crore per day.
His remarks come at a time when there are continuous disruptions in crude oil and LNG imports due to the ongoing tensions in West Asia, which is affecting the global energy supply chain for the last one and a half month.
Speaking on the current fuel supply situation, Sharma assured that India currently has adequate fuel reserves and there is no report of shortage in any part of the country.
“We have adequate reserves and there has been no situation of running out of fuel anywhere,” he said.
“The government and oil companies are continuously monitoring the situation to ensure uninterrupted supply and smooth distribution of petroleum products across the country,” Sharma said.
According to Sharma, a change is also being seen in the pattern of fuel demand. Now more demand is shifting from wholesale fuel sales to retail petrol pumps, so that consumers continue to get continuous supply.
He said that the daily loss suffered by government oil companies was earlier around Rs 1,000 crore, which has come down to around Rs 750 crore per day after the recent fuel price hike.
However, he clarified that at present the Central Government is not considering any relief package for public sector fuel companies.
Regarding LPG supply, Sharma said that despite global challenges, oil companies have been successful in maintaining stable distribution.
He said, “In the last four days, about 1.72 lakh LPG cylinders were delivered, while about 1.69 lakh booking requests were received. This clearly shows that the supply chain remains normal and stable.”
The global energy market remains volatile due to the ongoing crisis in West Asia. This has put pressure on India’s energy import bill and is also raising concerns about the financial condition of state-owned fuel retailers.
–IANS
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