Punjab: Fear of fuel shortage triggers panic buying

Punjab: Amid rising tensions in the West East and reports of Iran blocking the Strait of Hormuz—a vital route for global oil supplies—fuel stations in parts of Punjab witnessed panic buying of petrol and diesel. Concerns were further fueled by reports of some oil companies shutting down their plants following the US-Israeli attack on Iran, raising fears of a global oil supply disruption. However, officials and petroleum dealers assured that there is no long-term shortage of petrol and diesel in the state, and that fuel stocks are adequate. They said the current situation is largely due to panic buying, not any real supply crisis. Sandeep Sehgal, president of the Punjab Petroleum Dealers Association, also urged people not to fall prey to rumors circulating on social media. He said, “The Petroleum Ministry has clearly stated that the country has fuel stocks for the next eight weeks. Our depots are functioning properly. People should avoid panic buying based on unverified news on social media.”