Only One Day Left: India May Stop Receiving Russian Oil, Fuel Crisis Feared

New Delhi: Concern about petrol and diesel has increased in India. The reason is uncertainty over cheap oil coming from Russia. According to reports, the deadline for the special exemption given by America is ending on the night of 16th May. If this does not proceed, it may be difficult for India to buy Russian oil.

Why is there so much tension regarding Russian oil?

Since the Ukraine war, many western countries have been continuously putting pressure on Russia. America wants India to reduce oil purchases from Russia at concessional rates. However, India has made it clear that the country's energy needs are its first priority.

Is there fuel shortage in India right now?

The government has currently denied any shortage. Petroleum Minister Hardeep Singh Puri has said that there is sufficient stock in the country and there is no need to panic. According to the government, India has about 69 days of LNG and 45 days of LPG stock available.

Then why are long lines seen at petrol pumps?

In some states, people are filling up more fuel than before because they fear further price increases or supply disruptions. Many private petrol pumps have limited sales or increased prices, leading to increased crowding at government pumps.

Has India increased oil purchases from Russia?

According to the report, Indian refinery companies are rapidly buying Russian oil before the exemption ends. Crude oil imports from Russia have reached a record level in May. It is clear from this that India is currently trying to keep the supply strong.

What effect can this have on common people?

If tension in the global market continues for a long time, prices of petrol and diesel may increase further. It can also affect transport, food items and daily expenses. However, the government is continuously assuring that there is no fuel crisis situation in the country at present.

The fear of fuel crisis amid already rising inflation has increased the concern of the common people. The government is keeping an eye on the situation and is claiming to keep the supply normal.