In response to fears of supply shortages caused by tensions with Iran, the government has raised the minimum waiting period for restocking residential LPG cylinders from 21 to 25 days in an effort to quell panic buying and prevent hoarding.
The updated booking interval is a preventative measure to manage inventories and stabilise distribution, according to officials, who added that the country currently has sufficient LPG supply.
This comes after a 15–20% increase in LPG reservations, mostly due to customers’ fears that the rising tensions in the Middle East may disrupt energy distribution networks.
Most consumers do not need refills within six weeks under regular usage patterns, according to officials, as the average home normally utilises 7-8 cylinders of 14.2 kg of LPG annually.
Despite global crude oil prices surpassing $100 per barrel, authorities have emphasised that petrol and diesel prices will stay stable for the time being. Indian Oil, Bharat Petroleum, and Hindustan Petroleum, all of which are state-run oil marketing businesses, will likely temporarily bear the current cost pressures.
The government is keeping a careful eye on the developments in the global oil market, according to officials, but there is no urgent plan to change the cost of retail petroleum.
Also, separate from this, the Rajya Sabha was informed that India has enough storage capacity for petroleum products and crude oil to last for seventy-four days, giving them a cushion in case there are any interruptions to their supply.
The capacity of the country’s Strategic Petroleum Reserves is 5.33 million metric tonnes, which is enough to cover around 9.5 days of crude oil consumption, according to Suresh Gopi, Minister of State for petroleum and natural gas, in response to a written query. With the additional storage capacity of 64.5 days provided by oil marketing companies, the total national storage capacity is 74 days.
