omc

District Administration Steps In To Aid Port, Transport Operations

In light of global fluctuations, Bihar's public sector oil companies are committed to ensuring a steady supply of fuel and LPG. They have confirmed that all terminals and retail outlets are functioning smoothly, with stocks being replenished constantly. Petrol and diesel are readily available, and LPG deliveries remain on schedule.

State-run oil companies assure uninterrupted fuel and LPG supplies nationwide despite Middle East tensions. Adequate stocks are confirmed, with no system shortages. Companies urge consumers to avoid panic buying, citing temporary pressure at select outlets due to demand shifts and seasonal factors. India remains well-supplied with petroleum products.

Odisha Chief Minister Mohan Charan Majhi urged the Odisha Mining Corporation (omc) to expand its operations nationwide and explore new mining opportunities. He emphasized balancing commercial activities with environmental protection and community welfare. The CM also highlighted the omc's role in economic development and its potential in extracting critical base metals for future industries.

Fuel prices in India saw their first hike in four years, with petrol and diesel increasing by Rs 3. This move aims to alleviate significant daily losses incurred by oil marketing companies, estimated at Rs 1,000 crore. While consumer inflation may see a slight uptick, the fiscal impact is considered minimal, with annual consumption expected to recover.

India is grappling with a severe shortage of bitumen, threatening the pace of road construction and upkeep amid ongoing tensions in West Asia. Prices for key VG-40 bitumen have skyrocketed, nearly doubling, while available supplies have plummeted.

Fuel prices have risen sharply, adding to household expenses and transportation costs. This surge, driven by global events, is straining supply chains and impacting everyday goods. Oil marketing companies are seeing stock gains. The government faces a balancing act between consumer relief and revenue. The economic outlook remains a focus amidst these challenges.

A diesel shortage, exacerbated by West Asia tensions, has significantly impacted chromite mining in Sukinda Valley, India's primary source of the mineral. Operations have scaled down, affecting thousands of workers and threatening smaller mines with closure due to dwindling fuel stocks. Daily diesel needs are currently unmet, directly reducing output.

The government increased fuel prices by Rs 3 per litre to support oil marketing companies facing losses due to high global crude oil prices and a weakening rupee. However, further rupee depreciation could negate these gains, with companies incurring significant daily losses. The price hike offers limited relief, covering only a fraction of projected losses.

District Has 234 Consumer, Coop Society-Run Pumps

India has kept its petrol and diesel prices unchanged for four years now - ever since the Russia-Ukraine conflict. But the rising global oil prices, past the $100 per barrel mark has made the math unsustainable for oil marketing companies.

Indian consumers are shielded from soaring global crude prices, but state fuel retailers are facing immense financial strain. Companies are losing approximately Rs 1,000 crore daily, with cumulative under-recoveries reaching nearly Rs 1.98 lakh crore. This price freeze, while ensuring supply, puts significant pressure on their balance sheets and future operations.

Oil Marketing Companies have assured Odisha that fuel supplies are stable, dispelling fears of a shortage. A temporary surge in demand, particularly in border districts, led to brief stock depletion at some stations. omcs have deployed extra tankers and are monitoring inventory to ensure uninterrupted availability for regular consumers, advising bulk buyers to procure directly from companies.