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Prime Minister Narendra Modi on Sunday said that the need of the hour, in the wake of the West Asia crisis, is to use petro products with restraint. Speaking at an event here where he virtually laid the foundation stone and inaugurated development projects worth around Rs 9,400 crore in Telangana, he said the imported petro products should be used only as per need, as it will not only save foreign exchange but also reduce the adverse impact of war. Observing that, over the past few years, India has reached a spot among the top countries in the world in terms of solar power, he said, unprecedented work has been done in ethanol blending in petrol. First, the government is focused on 100 per cent LPG coverage, and now, it is focused on the supply of piped gas economically. The government is also promoting a CNG-based system. Due to all these efforts, India is dealing with the major energy crisis in the world, he said. "But, today, the need of the hour is also to use petrol, gas, dies
Nayara Energy, India's largest private fuel retailer, on Thursday raised petrol prices by Rs 5 per litre and diesel by Rs 3 a litre, passing on part of the recent surge in global oil prices following the war in the Middle East, sources said. Fuel marketing companies in India have been under strain as retail petrol and diesel prices remained frozen despite a nearly 50 per cent surge in international oil prices since February 28, when the United States and Israel launched military strikes against Iran, triggering sweeping retaliation from Tehran. Nayara Energy, which operates 6,967 of India's 102,075 petrol pumps, has decided to pass on part of the increase in input costs to consumers, two sources with direct knowledge of the matter said. A company spokesperson did not immediately offer any comment on the story. Jio-bp, the fuel retailing joint venture of Reliance Industries and BP Plc that owns 2,185 outlets, has, however, so far not raised prices despite incurring heavy losses on s
The government on Wednesday said there is no shortage of petrol, diesel or LPG in the country, and urged citizens not to believe rumours circulating on social media or resort to panic buying. LPG supplies remain affected due to the ongoing disruption in the Strait of Hormuz. In a media briefing, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said all refineries are operating at high capacity with "adequate crude inventories", while "sufficient stocks of petrol and diesel are being maintained" and retail outlets are functioning normally nationwide. "Don't believe in rumours. We have adequate fuel stocks and the government is making all efforts to reach them to consumers," she said. She said "panic buying was reported in some areas due to rumours", leading to unusually high sales and crowding at petrol pumps, even though "adequate stocks of petrol and diesel are available at all petrol pumps". "There are enough stock of petrol and diesel and there is no
The Gujarat government on Wednesday said there is no shortage of fuel in the state despite the ongoing crisis in West Asia, and warned of strict action against hoarding and attempts to create artificial scarcity. The recent long queues at fuel stations were the fallout of panic buying triggered by rumours rather than any actual shortage, said Energy and Petrochemicals Minister Rushikesh Patel in the legislative assembly, pushing for PNG (piped natural gas) adoption. Patel made the statement in the House after BJP members Mahesh Kaswala, Chaitanya Desai and Harshad Patel raised the issue amid concerns over supply of petrol, diesel and cooking gas. "There is no problem anywhere in the entire state regarding petrol and diesel. Adequate steps have been taken to ensure continuous supply to petrol pumps," he said, and urged the public not to believe in rumours. During the recent "panic" triggered by rumours, fuel pumps sold nearly four to five times their normal daily volumes, which itse