Ahmedabad: A brief but intense panic buying during March-end led to a sharp surge in fuel sales across Gujarat, pushing monthly growth in petrol and diesel sales to more than double their annual pace.Data from PSU oil marketing companies (OMCs) show that petrol (motor spirit) sales in Gujarat grew 13% year-on-year in March 2026 to 2.8 lakh kilolitres, while diesel (high-speed) sales rose 19% to 5.85 lakh kilolitres. This compares with a far more modest growth of 5.5% for petrol at 29.9 lakh KL and 2.1% for diesel at 57.17 lakh KL during FY26. This suggests March numbers grew significantly faster compared with the entire year. Oil company officials as well as petroleum dealers indicate that March sales were driven by a short-lived demand spike, which continued into the subsequent week. “The rumour-triggered panic buying led to a marked rise in the fuel sales in Gujarat in March. Some of the units reported 2x or 3x of their average daily sales in a single day. This was pure panic purchases even though there was no shortage during these two days. In fact, stocks are very much in place at depot and refinery levels,” said Sanjib Behera, ED and state head – Gujarat state office, IOCL.The speculation of a fuel shortage triggered a rush at fuel stations, with motorists queueing up to fill tanks and, in some cases, stocking extra fuel. The frenzy lasted for about three to four days before supplies normalized and panic subsided. Padmajay Rathod, a petroleum dealer in Ahmedabad, said, “The sale in March was certainly abnormal due to the ongoing geopolitical situation. Rumours of an impending shortage due to limited oil supplies led to panic buying of petrol and diesel. The situation prevailed for about two days wherein most customers opted to get their vehicle fuel tanks full. As a result, volumes were significantly high.” On March 23 alone, fuel retailers across the state sold a total of 17,798 KL of petrol – 119% higher than the average daily sale – and 26,935 KL of diesel – 67% higher than normal sales. Dealers pointed out that an increasing number of customers are getting their vehicle tanks fully refuelled on every visit. Despite the March jump, the broader trend for FY26 remained relatively subdued, particularly for diesel, which is linked to economic activity. Analysts said the muted annual growth indicates a stable but not accelerating consumption, with efficiency gains and evolving mobility patterns also tempering demand.
