Hyderabad: Amidst rising prices of fuels and domestic LPG in India, posters of “No Stock” were seen on various petrol, diesel stations in Hyderabad on Saturday.
The state petroleum governance said that firms are summoning costs of goods which was made on credit.
According to a report by the Deccan Chronicle, the president of Telangana Petroleum Dealer Association, Marri Amarender Reddy said that oil companies have been supplying fuel to pump owners on credit for six to seven years. Fuel bunk owners are now facing losses but the oil companies have been demanding payment to resume supplies.
“As the owners can’t repay crores of money overnight, the supply has stopped and the outlets are dry,” Reddy added.
He also said that approximately 30 percent of petrol pumps in the city do not have stocks of petrol or diesel, and the number of such pumps is predicted to increase from Sunday.
“Banks will be shut on Sunday as well as on Monday and Tuesday, as they are on strike. So no online payment can happen until Wednesday, which means no credit can be repaid until then,” DC quoted Reddy.
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