India restricts retail fuel purchases - Measures will remain in effect for a period of up to 90 days
India has banned commercial consumers from buying petrol and diesel from retail fuel stations and imposed limits on daily oil purchases to prevent local shortages, following disruptions to global supply chains due to the war in the Middle East.
Fuel retailers have been asked to sell up to 200 liters of diesel per customer or vehicle per day, according to a government order issued this week, adding that customers cannot resell the diesel.
Commercial customers, such as trucking companies, have been purchasing diesel from state-owned retail outlets, where prices have been cheaper than at regular wholesale supply points, and this has led to shortages at retail pumps in some areas.
The government said the restrictions were necessary to ensure equal availability of petrol and diesel across the country, prevent diversion and hoarding, and maintain an uninterrupted supply of fuel at fair prices.
While state-owned fuel retailers are losing about $0.38 per liter in revenue from diesel sales to retail customers, fuel is currently sold at market prices to industrial buyers. They are losing nearly $1 per liter from gasoline sales.
India is a net exporter of refined fuels, but higher sales of subsidized fuel prices domestically are hitting the profitability of state-owned fuel retailers - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp.
Three state-run fuel retailers control about 90% of India's more than 100,000 fuel stations.
Referring to the US-Israeli war with Iran, the government order said geopolitical tensions have strained global oil supply chains, shipping logistics and the availability of petroleum products, making it necessary to carefully manage and preserve supplies. The measures will remain in place for an initial period of up to 90 days.
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