Middle East crisis: Govt levies export duties on diesel, turbine oil; eyes over Rs 1,500 crore collection in fortnight The Indian government has imposed export duties on diesel and turbine fuel to boost domestic availability and strengthen energy security amid global supply chain disruptions linked to the Middle East conflict. The decision, announced by the Central Board of Indirect Taxes and Customs (CBIC) chairman, aims to ensure stable fuel supplies in the country. Revenue from these duties is projected to exceed Rs 1,500 crore over a fortnight. In parallel, the government reduced special excise duties on petrol and diesel to address financial shortfalls faced by state-owned oil marketing companies (OMCs). Officials emphasized that retail prices of key fuels will remain unchanged despite the adjustments. The excise duty on petrol was cut from Rs 13 per litre to Rs 3 per litre, while diesel duties were eliminated entirely, reducing the burden on consumers. The measures come amid heightened tensions in the Middle East, particularly Iran’s tightening control over the Strait of Hormuz, a critical oil transit route. Global crude oil prices dipped on Friday following U.S. signals that negotiations with Iran were progressing, extending the 10-day pause in strikes. Brent crude fell 2.08 per cent to $105.75 per barrel, while West Texas Intermediate (WTI) dropped 1.94 per cent to $92.67. Prices remain elevated compared to pre-conflict levels, with Brent hovering near $106 and WTI around $93. Domestically, private fuel retailer Nayara Energy raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre, citing rising input costs tied to regional tensions. The company operates 6,967 of India’s 102,075 petrol pumps and has passed part of the cost increase to consumers.#strait_of_hormuz #rajnath_singh #amit_shah #nayara_energy #central_board_of_indirect_taxes_and_customs
Reliance Industries shares plunged over 4% on Friday, erasing more than Rs 82,000 crore in market value following the government’s reinstatement of windfall taxes on diesel and ATF exports. The decision, announced by Finance Minister Nirmala Sitharaman, aims to bolster domestic fuel supply amid fluctuating global oil prices. The move reverses an earlier policy to scrap such taxes, as authorities seek to stabilize revenue from the energy sector. The government imposed additional duties of Rs 21.5 per litre on diesel exports and Rs 29.5 per litre on ATF exports. This comes alongside a reduction in excise duties on petrol and diesel for domestic use, with the special additional excise duty on petrol cut to Rs 3 per litre and eliminated for diesel. Sitharaman emphasized that the higher export duties would ensure adequate fuel availability for Indian consumers. The decision follows a day of rising fuel prices, as India’s largest private fuel retailer, Nayara Energy, increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre. Owned largely by Russia’s Rosneft, Nayara operates over 7,000 fuel stations nationwide. Dealers expressed concerns over the price hike, warning of potential demand drops and possible protests. Some also noted recent fuel supply shortages, exacerbating the situation. Reliance Industries, India’s most valuable company with a market cap exceeding Rs 18 lakh crore, is a major exporter of ATF and diesel. Its two refineries in Jamnagar produce nearly 5 million tonnes of air turbine fuel annually, with a significant portion exported. The company accounts for one-fourth of India’s total ATF production. Reliance rejected media reports alleging it had purchased Iranian crude oil, calling the claims “baseless and misleading.#relance_industries #jamnagar #nayara_energy #rosneft #nirmala_sitharaman
Panic buying continues, Vidarbha guzzles double the quota amid fuel crisis Consumers in Vidarbha have persisted in purchasing nearly double their usual amount of petrol, even on Wednesday, the second day of a fuel crisis. Diesel sales are projected to exceed the daily average by 1.5 times, according to sources in government oil marketing companies. Officials reported that approximately 6,000 kilolitres of petrol and 10,000 kilolitres of diesel were sold on Wednesday. Private oil player Nayara Energy, which operates with a Russian stake, increased petrol and diesel prices by Rs 5 and Rs 3 per litre, respectively. This comes amid challenges for oil companies facing reduced profit margins due to rising crude oil prices. Government oil companies have only raised premium fuel prices by Rs 2. The price hike by Nayara Energy is expected to further strain public sector oil companies, where fuel remains cheaper, according to dealers. Nayara’s depot in Wardha serves both government oil companies and regional pumps, including two in Nagpur. Private players like Reliance and Nayara are estimated to hold a 10% market share in Vidarbha. Despite appeals from Nagpur district collector Vipin Itankar to curb panic buying, the situation worsened on Thursday. By afternoon, three pumps near Manewada and Ayodhya Nagar shut down, leading to long queues and some stations running dry, as reported by Amit Gupta, president of the Federation of Maharashtra Petroleum Dealers Association. Dealers cited payment delays as a key issue, as the Ram Navami holiday prevented cash deposits in banks. This disrupted advance payments to oil companies, which became mandatory following the West Asia conflict. Gupta noted that dealers would continue facing payment challenges due to the weekend and accounts closing on March 31.#nagpur #ram_navami #vidarbha #wardha #nayara_energy
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
Around 30 petrol pumps ran dry in Nagpur on Wednesday, prompting the district collector to urge oil companies to ensure maximum supply. Collector Vipin Itankar directed officials of petroleum firms to address the issue after members of the Federation of Maharashtra Petroleum Dealers Association (FAMPEDA) highlighted the shortage. The dealers, along with oil company representatives, met the collector to discuss supply constraints caused by restricted operating hours and limited credit facilities. The Nagpur administration also coordinated with Wardha authorities to keep the Nayara Energy depot operational beyond 2:30 pm, as the facility’s timing restrictions were slowing down tanker refills. Dealers reported that the strict payment deadlines imposed by some companies, such as BPCL’s Borkhedi pump requiring cash before 2:30 pm, were disrupting refilling processes. Oil company officials were asked to relax payment terms and allow credit to ease the situation. The collector emphasized that there was sufficient stock of petrol and diesel in the district, though consumer behavior had shifted dramatically. Panic buying had led to abnormal spikes in fuel purchases, with two-wheeler riders buying up to Rs 600 worth of fuel instead of their usual Rs 100, while four-wheelers increased their average spending to Rs 2,000–6,000 compared to Rs 300–600. The collector’s note stated that the district had 10,500 kilolitres of petrol and 3,500 kilolitres of diesel in storage, referencing the Borkhedi depot. Amit Gupta, FAMPEDA president, called for consumer restraint, while Viraj Lamba, a dealer at Indora Chowk, noted that panic buying persisted on Wednesday. Officials claimed operations could be managed smoothly with support from the companies.#nagpur #nayara_energy #district_collector #fampeda #borkhedi_pump
Fuel Crisis Deepens Amid Indirect Supply Control and Panic Buying Nagpur: A growing fuel crisis has intensified as petrol pumps across the city face prolonged queues and sudden shutdowns, with officials attributing the situation to indirect supply controls rather than panic buying alone. Industry insiders and retail vendors emphasize that the crisis stems from deliberate measures to manage fuel distribution amid the ongoing West Asia conflict, urging consumers to exercise restraint to avoid a deeper shortage. While there is no official rationing of petrol or diesel, the petroleum sector has implemented indirect strategies to limit fuel consumption, ensuring stocks last until the Iran war concludes. The crisis has led to significant disruptions in fuel supply chains. Depots have reduced their operating hours, restricting replenishment for petrol pumps. Previously, depots functioned late into the night to fill tankers sent by retailers, but this practice has been halted, with operations now limited to 6 p.m. and closed on weekends. This slowdown has exacerbated the situation, prompting a surge in consumer activity as panic sets in. Social media messages warning of imminent fuel shortages have further fueled the rush, overwhelming the system and causing widespread shortages at petrol pumps. In Nagpur, fuel supplies are sourced from three major depots. The nearest, operated by Bharat Petroleum Company Limited (BPCL) at Borkhedi, serves multiple companies, while Nayara Energy, a firm with Russian investment, manages a depot 75 km away. Indian Oil Corporation (IOC) operates a depot in Chandrapur, 160 km from the city. Each depot now enforces strict timing restrictions and requires advance payments from dealers. For instance, the Nayara facility limits fuel delivery to HPCL’s pumps until 2:30 p.m.#nagpur #indian_oil_corporation #nayara_energy #bharat_petroleum_company_limited
Fuel Stocks Adequate, No Need To Panic: BPCL Bharat Petroleum Corporation Limited (BPCL) has confirmed that fuel stocks across its network remain sufficient, urging citizens to avoid panic amid recent concerns about supply shortages. According to officials, the Borkhedi depot in Madhya Pradesh currently holds 4,500 kilolitres of petrol, which is 80% of its total capacity, and 12,000 kilolitres of diesel, representing 87% of its storage capacity. The company emphasized that there is no shortage of fuel and that three fuel tankers are en route from Manmad to replenish stocks. Meanwhile, Nayara Energy, another major fuel supplier, reported a significant drop in petrol reserves at its facility. The company stated that petrol stocks had fallen to just 16 kilolitres after supplying 1,464 kilolitres to customers. However, fresh fuel tankers carrying both petrol and diesel are expected to arrive soon, which should restore supply levels to normal. Officials from both BPCL and Nayara Energy have assured the public that the situation is under control and that there is no immediate threat to fuel availability. The statements come amid growing speculation about potential shortages, particularly in regions where demand has surged. While BPCL’s reserves are at comfortable levels, the situation at Nayara Energy highlights the need for continued monitoring of supply chains. The Indian government has also been urged to maintain transparency and provide regular updates to prevent panic buying and ensure stable fuel distribution. The latest developments follow reports of long queues at petrol pumps in some states, fueled by rumors of impending shortages. However, authorities have clarified that there is no nationwide crisis and that efforts are underway to address any localized issues.#madhya_pradesh #bharat_petroleum_corporation_limited #nayara_energy #borkhedi_depot #manmad
