Last Updated:March 14, 2026, 15:35 IST

‘Consumers are advised not to take or store fuel in loose or inappropriate containers, as it poses serious safety risks,’ says the Ministry of Petroleum and Natural Gas.

The government said all retail outlets and dealers have been instructed to strictly follow safety guidelines while dispensing fuel. Any violation will invite strict action.

Amid rising concerns over fuel supply due to escalating geopolitical tensions in the West Asia, the Ministry of Petroleum and Natural Gas on Saturday issued an advisory assuring citizens that petrol and diesel remain adequately available across the country. It also urged people to avoid unsafe practices such as storing petrol or diesel in loose containers.

In a post on X, the ministry said, “Petrol and diesel are adequately available at retail outlets across the country. Consumers are advised not to take or store fuel in loose or inappropriate containers, as it poses serious safety risks.”

The advisory comes after authorities detected a case in Tamil Nadu where petrol was reportedly being dispensed in a loose container at a retail outlet, which violates safety norms.

“It has come to notice that at one retail outlet in Tamil Nadu, petrol was being taken in a loose container, which is unsafe and not advisable,” the ministry said.

Govt warns of strict action for violations

The ministry added that strict action has already been taken in the matter.

“The concerned petrol pump has been suspended, and appropriate action has been taken,” the ministry said.

The ministry also said all fuel retailers across the country have been directed to strictly adhere to safety guidelines while dispensing petrol and diesel.

“All retail outlets and dealers have been instructed to strictly follow safety guidelines while dispensing fuel. Any violation will invite strict action,” the advisory said.

Advisory comes amid supply concerns

The government’s clarification comes at a time when concerns over fuel availability have risen due to disruptions in global energy supply chains due to closure of the Strait of Hormuz amid US-Iran-Israel war.

Rumours of shortages have also triggered panic buying in some areas, temporarily affecting supplies at a few petrol pumps despite adequate overall stock levels.

Authorities have urged the public not to believe unverified information and assured that the country’s fuel supply chain remains stable.

The country saw a huge shortage of LPG cylinders after the supply was stopped in the West Asia amid the ongoing Iran war. However, two Indian cargo ships carrying LPG have been allowed by the Iranian authorities to pass through the Strait of Hormuz. The first Indian LPG vessel, Shivalik, had already begun its movement through the Strait of Hormuz after negotiations helped secure safe passage. The ship has since reached open sea and is sailing safely under Indian Navy guidance. Now, India’s second LPG carrier Nanda Devi has successfully exited the Strait of Hormuz and entered open waters, government sources told CNN-News18, marking another step forward in India’s efforts to safely move its energy cargo through the tense Gulf region.

Nanda Devi is carrying more than 46,000 metric tonnes of liquefied petroleum gas (LPG).

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President Donald Trump said the US heavily bombed military targets on Iran’s Kharg Island, which handles almost all of the country’s crude exports, and threatened to hit the island’s oil infrastructure.

“I have chosen NOT to wipe out the Oil Infrastructure on the Island. However, should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider,” Trump posted.

Iran’s military threatened to reduce US-linked oil facilities in the region “to a pile of ashes” if its energy infrastructure was hit.

Iranian news agency Fars reported that no oil infrastructure on Kharg had been damaged in the bombing.

US allows Venezuela fertilizer imports

Washington on Friday authorized imports of fertilizer from Venezuela, whose leader it deposed in January, as the US-Israel war against Iran drives up prices of the key agricultural commodity.

Washington has issued new licenses as part of the ongoing easing of its sanctions on Venezuela’s energy sector.

In addition to oil and gas, the licenses now include trade in fertilizers, including urea and phosphates.

Brent surges 11% over week

The price of a barrel of Brent crude, the international benchmark for oil, soared by 11 percent over the week to $103.14 at Friday’s close, while stocks slipped.

Brent prices have rocketed more than 42 percent since US-Israeli strikes on Iran plunged the oil-rich Middle East into war.

Pushback on easing Russia sanctions

The US Treasury Department said it would temporarily allow the sale of Russian oil that is at sea as energy prices soared, triggering pushback.

The leaders of France, Germany and EU chief Antonio Costa all spoke out against the idea.

Russia’s economic envoy Kirill Dmitriev said the global energy market “cannot remain stable” without his country’s oil.

Only 77 ships have traversed Hormuz: Lloyd’s

Only 77 ships have so far crossed the Strait of Hormuz in March as the war disrupts one of the world’s most vital shipping routes, a maritime data firm reported Friday.

Lloyd’s List Intelligence said most of the vessels belonged to the so-called shadow fleet of ships being used to skirt Western sanctions and regulations, typically linked to Russia and Iran.

It added during the period of March 1 through 11 last year, around 1,229 vessels made the passage through the waterway.

20 ships attacked trying to transit Hormuz

Twenty oil tankers and cargo ships have been attacked since the war began, according to AFP monitoring with British maritime security group UKTMO and other sources.

But a Turkish-owned ship was able to cross the Strait of Hormuz with Iran’s permission, Turkey’s transport minister said.

Serbia, Portugal cut fuel tax

Serbia’s government temporarily cut fuel taxes by 20 percent, with its energy ministry saying the excise duties on petrol and diesel would be reduced from Friday until April 15.

Portugal also said it was renewing a temporary cut to fuel taxes, with officials adding that the cut would apply to petrol and diesel.

African nations have limited oil reserves

Fuel shortages caused by the war could knock up to three percentage points off African economic growth if they persist, a top regional energy regulator told AFP.

Most African countries have fuel reserves for just 15 to 25 days, compared to the International Energy Agency standard of 90 days, said Geoffrey Aori, CEO of the Regional Association of Energy Regulators for Eastern and Southern Africa.

He called on African governments to introduce fuel rationing and subsidies to cushion the blow of inflation and weakening currencies in the short term.

6 million air passengers affected

More than six million air passengers travelling to or from the Middle East have had their flights cancelled since the start of the war, according to the aviation data specialist Cirium.

It said more than 52,000 out of 98,000 scheduled flights have been called off.

Nepal restricts cooking gas

Nepal has started selling half-filled cooking gas cylinders to curb hoarding and panic buying, officials said, following import disruptions due to the war.

The landlocked Himalayan nation of 30 million relies almost entirely on India for the transportation of its fossil fuel needs, and around 90 percent of India’s liquefied petroleum gas passes through the Strait of Hormuz.

Last Updated:March 14, 2026, 12:22 IST

‘Because the US now controls Venezuela essentially, and which means the US has unfettered 100% access to the biggest oil reserves in the world,’ chairman of Signum Global Advisors.

Easing geopolitical tensions later this year could unlock additional oil supply from multiple regions, says Charles Myers, Chairman of Signum Global Advisors.

Global oil prices could decline significantly later this year as additional supply enters the market from countries such as Venezuela, Iran and Russia, according to Charles Myers, Chairman of Signum Global Advisors.

Speaking at the second edition of Moneycontrol’s Global Wealth Summit 2026, Myers said geopolitical developments could eventually lead to a surge in global oil supply.

“I say that because the United States now controls Venezuela essentially, and which means the United States has unfettered 100% access to the biggest oil reserves in the world. The oil output from Venezuela will increase much faster than most assessments,” he said.

More supply from Venezuela, Iran and Russia

Myers said easing geopolitical tensions later this year could unlock additional oil supply from multiple regions.

He noted that Venezuela, which holds the world’s largest proven oil reserves, could play a key role in boosting global supply if production ramps up quickly.

According to him, improved relations with Iran and the possibility of a renewed nuclear deal could allow Tehran to export more oil legally. A potential ceasefire in the Ukraine war could also bring more Russian oil back to global markets.

He added that strong investor interest in Venezuela’s energy sector has prompted a visit to Caracas with 55 clients in the coming days.

Myers argued that global oil supplies are already ample and that resolving geopolitical conflicts would help ensure a more stable and secure flow of energy worldwide.

Israel-Iran war

Commenting on the ongoing Middle East conflict, Myers said he believes the outcome of the war involving the United States, Israel and Iran is inevitable.

“The US today is at war, it is a very big deal. There is only one outcome of this war that Iran will lose. I say that factually, at the end of the day, Iran is up against the two most powerful, battle tested, sophisticated militaries in the world,” he said.

He added that the United States military would eventually control the Strait of Hormuz, ensuring the continued flow of oil through the critical global shipping route.

The United States military will occupy the Strait of Hormuz and the oil will flow again. “Though the war might not end,” he said.

The remarks come as tensions in the Middle East continue to escalate. Iran recently warned it could reduce US-linked oil facilities to “a pile of ashes” after US President Donald Trump said Washington could “wipe out” Iran’s largest oil export terminal on Kharg Island. Since the United States and Israel launched hostilities on February 28, waves of missile, drone and air strikes have reportedly displaced millions and killed more than 1,200 people in Iran.

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