Former Chairman of Indraprastha Gas Limited (IGL) and former Director (HR) of Bharat Petroleum Corporation Limited (BPCL), Raj Kumar Dubey, stated on Saturday that India’s fuel supply management has remained steady despite worldwide disruptions.
“The supply management has been outstanding; otherwise, you would have experienced shortages, just like many other nations,” Dubey stated. However, India never had a lack of gasoline, diesel, or other fuels. The subject of LPG is a cause for worry.
He estimated the anticipated under-recovery to be about Rs 30,000 crore each month, based on the financial effects of changes in global crude prices.
The price of crude has increased by 35 to 40 percent, and there could be more increases. This must, of course, be mirrored in petroleum products. Policymakers must determine the degree of increase required since the majority of nations worldwide have increased prices by between 20% and 50%, he said.
He also stated that fuel prices have already been modified by a number of nations.
“The government has performed admirably in this situation because it was initially seen as a transient occurrence. We don’t want regular folks to be impacted by these transient highs, he said.
When comparing global trends, Dubey observed that petrol and diesel costs have increased even in the United States, which is the world’s top crude oil producer.
India has done a “wonderful job” in managing the situation, given that it imports over 85% of its crude oil, he claimed.
Earlier in May, the major state-run oil marketing companies (OMCs) — HPCL, IOCL, and BPCL — had reassured customers that gasoline, diesel, and LPG supplies were steady throughout the nation while advising them not to put their trust in rumors or unconfirmed social media posts about fuel shortages.