New Delhi, May 24 (IANS) Amid concerns over fuel availability in some areas, Bharat Petroleum Corporation Limited Former Marketing Director Sukhmal Kumar Jain on Sunday said there is no shortage of petrol or diesel in the country, adding that public sector oil marketing companies are fully managing fuel consumption and supply.

Speaking exclusive to IANS, Jain said that public sector oil marketing companies (OMCs) operate around 85,000 retail outlets out of the nearly one lakh fuel stations across the country, ensuring steady fuel availability.

“I don’t think there is any shortage because as far as the consumption part is concerned, it is being fully managed by the public sector oil marketing companies,” he said.

“At least I can say that since they hold the larger share — out of 1 lakh-odd retail outlets, around 85,000 are from public sector oil marketing companies,” he added.

So stray cases may be there due to various other reasons, but otherwise there is no shortage, whatever I understand in this area, Jain told IANS.

Commenting on the current market situation, Jain said global crude oil prices and other associated costs remain highly volatile.

He noted that shipping costs, insurance expenses, and fluctuations in exchange rates have significantly impacted oil companies.

“See, again I’ll put it this way — the situation is very volatile, and there are various components. If you have really seen crude oil, then shipping costs, insurance, and even exchange rates, the way they have moved,” he said.

According to Jain, exchange rates that were earlier around 89–90 are now hovering near 96, increasing the burden on oil marketing companies.

He said that due to the combined impact of these factors, oil companies are currently absorbing losses in the range of Rs 600 crore to Rs 700 crore per day.

Despite the pressure on margins, Jain maintained that PSU oil companies continue to ensure uninterrupted fuel supply across the country.

–IANS

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