Panic buying leads to spurt in petrol, diesel sale in Lucknow

Oil companies’ officials said 70% of the people buying petrol were filling up their tanks. Some consumers who had more than one vehicle had filled all of them. The reason for the panic buying was anticipation of price rise after the counting of votes on March 10

Lucknow There is a spurt in sale of petrol and diesel in the state capital, as residents are going in for panic buying, anticipating price rise after the counting of votes on March 10. The city which consumed around 196 kilolitres of petrol daily till February 20, saw increased sale of 522 kilolitres on March 7. The sale of petrol on Wednesday was reported at 470 kilolitres.

Taken aback by the sudden spurt in demand, the officials are busy arranging more oil for the 115 petrol pumps of the city. (Pic for representation)

The officials of the Indian Oil Corporation confirmed that the demand for diesel, which was just 207 kilolitres on February 20, shot up to 458 kilolitres on March 7. The sale of diesel was reported at 670 kilolitres on Wednesday.

The sales have more than doubled in just 15 days of the Russia-Ukraine war. However, this has surprised the officials of oil companies. Taken aback by the sudden spurt in demand, the officials are busy arranging more oil for the 115 petrol pumps of the city.

The officials admitted that 70% of the people buying petrol were filling up their tanks. Some consumers who had more than one vehicle ha filled all of them.

Spokesperson of Indian Oil Sarvjeet Singh said, “There is nothing to worry for residents, as IOC has enough stock of petrol and diesel for the city.”