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, said Marri Amarender Reddy, president, Telangana Petroleum Dealers Association. — DC Image
Hyderabad: Amid rising prices, several petrol and diesel outlets put up ‘no stock’ boards in Hyderabad city on Saturday. Fuel bunk managements said that petroleum firms were demanding payment for the supplies made on credit earlier.
According to Marri Amarender Reddy, president, Telangana Petroleum Dealers Association, oil companies had been supplying fuel to pump owners on credit for six to seven years. Fuel bunk owners were now facing losses but the oil companies were 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 said. He said about 30 per cent of petrol pumps in the city do not have stocks of petrol or diesel, and the number of such pumps are expected 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,” he said.
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