Amid escalating tensions in West Asia, supply concerns heighten
Vehicles waiting to refill the fuel tanks to the brim at a petrol bunk in VisakhapatnamPhoto:Vasu Potnuru
- It will be energy crisis test for India as it meets over 80 per cent of its crude oil demand through imports
- Globally, oil price surged by around 10 per cent following US-Israel strikes on Iran
- Analysts’ predict that there might not be immediate impact on oil and natural gas prices
- However, such a possibility could not be completely ruled out either if the situation remains the same
Visakhapatnam: Amid escalating tensions in West Asia, supply anxieties mount among consumers frequenting pump stations as they now opt to fill fuel tanks to the brim.
As the military operations between US-Israel and Iran continue, and shipping through the Strait of Hormuz, the world’s major oil export route, facing a blockade, analysts mention that supply disruptions are likely to impact global markets if not immediately.
With crude oil prices rising in the Middle East followed by prolonged hostilities, traders predict disruption of the global energy supply chain, especially the oil supply arriving from Iran and Middle East.
At a time when people have been grappling with inflation, higher global energy prices could further lead to increased fuel and gasoline prices along with higher costs of other commodities.
Following news circulated in news reports and social media platforms, a section of consumers in Visakhapatnam opted for filling up the fuel tanks of their vehicles to the full.
“You never know what will happen in the coming weeks. So before the petrol price surges, we wanted to fill the fuel tanks of our vehicles,” reasons V Rama Krishna, a consumer, who arrived at the Isukathota petrol bunk. The staff working at fuel stations notices that there is a demand for full tank refills at the booths.
“A number of people arriving at the station prefer full tank refills now,” says Eshwar Rao, who works at Millenium Outlet at Siripuram.
As fear over possible disruption to global oil supplies raises, those who frequent the fuel stations for a few litres of petrol opt for a full tank now.
