Hyderabad: Petrol pumps across Hyderabad witnessed an unusual surge in customers after rumours about a possible fuel shortage spread widely on social media.
The unverified messages claimed that due to Middle East tensions, petrol supplies were running low, triggering panic among residents.
Petrol pumps see rush after Taraweeh in Hyderabad
Following Taraweeh prayers on the night of Monday, March 2, large numbers of people rushed to nearby petrol pumps to fill the tanks of their vehicles.
The sudden spike in demand led to long queues at several petrol pumps in Hyderabad. Apart from refuelling vehicles, some individuals were also seen collecting petrol in water bottles.
No petrol, diesel price hike
International oil prices rose about 9 per cent following US and Israeli attacks on Iran and retaliatory strikes by Tehran, but retail petrol and diesel prices in India are unlikely to be increased in the near term, sources said.
Brent crude, the global benchmark, climbed close to USD 80 per barrel, while US-traded crude rose 8.6 per cent to USD 72.79, up from around USD 67 on Friday.
For India, which imports 88 per cent of its crude oil requirement that is turned into fuels like petrol and diesel at refineries, higher global prices translate into a larger import bill and potential inflationary pressures.
However, fuel prices at petrol pumps in Hyderabad and other districts are not expected to be raised immediately, as the government continues to follow a calibrated policy of allowing companies to build margins when international prices are low and cushioning consumers when rates rise, sources said.
Retail petrol and diesel prices have been frozen since April 2022, with fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) absorbing losses when crude prices are high and making profits when rates are low.
