Iran War India Energy Impact: Categorically dismissing rumours of COVID-like lockdowns, government officials advised citizens to beware of fake news and misinformation doing rounds on messaging services and social media, once again assuring sufficient supplies of auto and cooking fuels. The statement came after reports of rumours about an LPG shortage, which triggered panic booking in some parts of the country. Speaking at an inter-ministerial media briefing in the national capital, they assured the public that LPG, petrol and diesel supply chains are fully operational. The development came hours after authorities reduced excise duties on petrol and diesel from Rs 13 per litre to Rs 3 per litre and from Rs 10 per litre to zero, and imposed windfall taxes of Rs 21.5 and Rs 29.5 on diesel and aviation turbine fuel (ATF), respectively. The government said that the country's maritime sector continues to operate smoothly with no congestion reported across ports.
CBIC Chairman Vivek Chaturvedi said that the reduction in petrol and diesel excise duties will cost the exchequer revenue of around Rs 7,000 crore every 15 days.
Officials have been giving regular updates on the Middle East situation and its potential impact on the country's citizens and economy since March 11.
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Here are key takeaways from the March 27 briefing:
Representatives from the Ministries of Petroleum and Natural Gas, Ports, Shipping and Waterways, External Affairs, and Information and Broadcasting shared updates on fuel availability, maritime operations, assistance to Indian nationals in the region, and steps being taken to ensure stability across these sectors.
- The West Asia crisis has implications for the Indian economy, particularly due to disruptions in petroleum product supplies
- International crude oil rates have surged, leading to proportionate increases in global petrol, diesel and jet fuel prices
- The prevailing market situation creates incentives for refineries to export petroleum products at higher international prices
- The government has taken calibrated steps to prioritise domestic availability of diesel and ATF
- Excise and export levies will be reviewed on a fortnightly basis
- The situation is being closely monitored
- All refineries are operating at high capacity with adequate crude inventories
- Sufficient stocks of petrol and diesel are being maintained
- Domestic LPG output is up 40 per cent to aid domestic demand
- All retail outlets are operating normally
- Domestic refiners are mandated to supply 50 per cent of exported petrol and 30 per cent of exported diesel to the domestic market
- Panic-buying exists in some areas due to rumours
- Adequate stocks of petrol and diesel are available across all fuel stations
- Priority allocation continues
- 100 per cent supply to domestic PNG and CNG transport
- Supply to industrial and commercial consumers connected to the grid remains at around 80 per cent of average consumption
- City gas distributors are advised to prioritise PNG connections for commercial establishments such as restaurants, hotels and canteens
- 10,568 PNG (new and gas-in) connections reported across 110 geographical areas on Thursday
- Union ministries, states and UTs are asked to expedite approvals required for CGD network expansions
- Several states have undertaken steps to facilitate faster PNG rollout
There is no shortage of petroleum products or LPG cylinders: Govt
- All Indian seafarers currently present in the region are safe
- No shipping incident involving Indian-flagged vessels reported in the past 24 hours
- 20 Indian-flagged vessels with around 540 Indian seafarers remain in the western Persian Gulf region
- DG Shipping continues to closely monitor the situation in coordination with ship owners, RPSL agencies and Indian Missions
- DG Shipping Control Room remains operational 24x7
- The facility has handled 4,326 calls and 8,556 emails since activation
- DG Shipping has facilitated the safe repatriation of more than 699 Indian seafarers so far
- The country's maritime sector continues to operate smoothly with no congestion reported across ports
- Shipping ministry continues to coordinate with the Ministry of External Affairs, Indian Missions and maritime stakeholders to ensure the welfare of Indian seafarers and uninterrupted maritime operations
- It continues to closely monitor shipping movements, port operations, the safety of Indian seafarers and the continuity of maritime trade in view of the evolving situation in West Asia
Citizens need not panic or rush to petrol pumps or distributors: Govt
- Citizens are urged not to believe rumours like those of lockdown and to remain cautious about fake news and misinformation being circulated on social media and other platforms
- Earlier, panic-booking was down significantly with the support of media and with the outreach efforts of the government
- Again, similar rumours are being circulated regarding shortages of petrol and diesel
- It is clarified that there is no shortage of petrol and diesel supplies in the country
- Citizens are requested not to rush to petrol pumps or engage in panic buying
- Adequate supplies of petrol and diesel are available and supply chains remain fully operational
- Attempts are being made in certain quarters to spread rumours and create unnecessary panic among citizens
- People are requested not to believe or circulate such misinformation
- State governments have been requested to take appropriate action against those spreading fake news and misinformation
- Strict action should also be taken against any attempts at hoarding or black marketing of petrol, diesel or LPG cylinders