Petrol Sales Surge Amid Panic Buying in Nagpur Panic buying in Nagpur led to a dramatic increase in petrol and diesel sales, with daily volumes doubling in the region. According to a senior official from a public sector oil company, the sale of petrol in Vidarbha reached nearly 2,200 kilolitres (KL) on Tuesday, more than double the usual daily quota of 800 KL. Diesel sales also spiked, rising by 1.5 times the normal rate. The surge continued into Wednesday, causing widespread shortages at fuel pumps as replenishment efforts lagged behind demand. In Nagpur city, both fuels saw their sales double on Tuesday, with the trend persisting into Wednesday. This rapid depletion of stock left many pumps dry, as the supply chain struggled to keep up. The three major public sector oil companies operating in the region—BPCL, Nayara Energy, and IOCL—collectively hold a market share of 30% to 35% each. Combined, their sales during the panic period are estimated to have reached 6,000 KL of petrol and 10,000 KL of diesel, equivalent to the total stock held in a single petroleum depot. The panic began in Gujarat and spread to Maharashtra, according to sources. The rapid sales were exacerbated by delays in restocking, primarily due to a shift in payment policies. Petrol pumps were required to make advance payments before receiving refills, a change enforced by the oil companies following the West Asia crisis. In normal circumstances, such restrictions could lead to dry runs, but the situation worsened as dealers faced delays in receiving credit. Amit Gupta, president of the Federation of Maharashtra Petroleum Dealers Association (FAMPEDA), explained that pump owners now had to deposit daily cash in banks and transfer it via RTGS to the companies. This process took two to three hours, leaving dealers unable to refill tankers after 2:30 pm.#nagpur #iocl #bpcl #nayara_energy #fampeda
Petrol sale doubles amid panic buying in Nagpur Fuel sales in Vidarbha surged dramatically as panic buying gripped the region, with petrol sales more than doubling on Tuesday and diesel sales rising by 1.5 times the usual daily rate. According to a senior official from a public sector oil company, the daily quota of petrol sold in the region typically amounts to 800 kilolitres (KL), but on Tuesday, sales reached nearly 2,200KL. Diesel sales also spiked, with figures surpassing normal levels by 1.5 times. In Nagpur city, both fuels saw their sales double on Tuesday, continuing at a similar pace on Wednesday. This unprecedented demand led to widespread shortages at fuel pumps, as replenishments could not keep up with the pace of consumption. The three major public sector oil companies operating in the region—BPCL, Nayara Energy, and IOCL—collectively hold a market share of 30% to 35% each. Combined, their sales during the panic period are estimated to have reached 6,000KL of petrol and 10,000KL of diesel, equivalent to the total stock held in a single petroleum depot. The surge in demand began in Gujarat and spread to Maharashtra, prompting a rapid escalation in sales. However, the situation was exacerbated by delays in restocking due to changes in payment policies. Oil companies halted credit-based transactions and required dealers to make advance payments before receiving fuel. This shift, which was already in place during normal times, became more stringent after the escalation of tensions in West Asia. Dealers reported that payments made after 2.30pm on any given day could not be processed for refilling tankers on the same day.#nagpur #iocl #bpcl #vidarbha #nayara_energy
Asian Paints, Indigo Paints, IOCL, HPCL: Paint, oil marketing stocks tumble up to 9% amid sharp spike in oil prices Crude oil prices surged over 25% on Monday, hitting their highest levels since mid-2022, driven by supply cuts from major producers and heightened fears of shipping disruptions linked to the escalating U.S.-Israeli conflict with Iran. Benchmark crude prices climbed sharply, with Brent futures rising 27% to $117.65 per barrel and U.S. WTI crude jumping 28.3% to $116.62. The surge pushed WTI to a session high of $119.48 and Brent to $119.50, marking their largest single-day gains in months. The sharp rise in oil prices triggered steep declines in shares of oil marketing companies (OMCs) and paint manufacturers. On Monday, March 9, Hindustan Petroleum Corporation Ltd (HPCL) fell 8.67%, Bharat Petroleum Corporation Ltd (BPCL) dropped 8.43%, and Indian Oil Corporation (IOCL) declined 7.29% on the BSE. Paint stocks also suffered, with Asian Paints losing 5.12%, Indigo Paints falling 4.83%, Berger Paints dropping 4.80%, and Kansai Nerolac Paints declining 4.72%. On the NSE, Asian Paints shares also fell over 5%. The broader market reacted sharply, with the 30-share BSE SENSEX plunging 3.16% to 76,424.55 and the 50-share NSE NIFTY50 dropping 3% to 23,697.80. Analysts warned that the sustained rise in energy prices is intensifying inflation concerns and adding pressure on India’s trade balance. The Middle East tensions, which have kept oil prices elevated, are also fueling fears of macroeconomic strain. The conflict escalated after the U.S. and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran’s supreme leader. In response, Iran has launched attacks on Israeli and American military bases in the Gulf, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.#asian_paints #indigo_paints #iocl #hpcl #bpcl
