US-Israel-Iran tensions: Petrol pumps in city witness heavy rush

Hyderabad: Amid Middle East tensions, fuel pumps across the city witnessed an unusual surge in customers after rumours about a possible fuel shortage spread widely on social media. Since Monday night, long queues have been witnessed at several petrol pumps. Apart from refuelling vehicles, many were also seen collecting petrol in bottles.

According to observers, social media posts claimed that tensions in the Middle East had disrupted petrol supplies. The unverified messages triggered panic among residents. During the night hours of Monday, a large number of people rushed to nearby petrol pumps to fill the tanks of their vehicles, which continued on Tuesday.

Naveen Kumar, an observer, said that some social media posts reported a petrol shortage, and that most fuel pumps were seeing long queues, suggesting that people are rushing to refuel their vehicles.

Shaik Muzammil, a consumer at a petrol pump in Chanchalguda, said the dealers, including the official Telangana jail petrol pumps are filling the petrol in vehicles. However, there was no official confirmation regarding such news.

“With the sudden spike in demand which led to long queues at several petrol pumps, people are not only refuelling vehicles, but many of them were also seen collecting petrol in bottles,” he added.

The sources said international oil prices rose about 9 per cent following the 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.

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 the city 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 Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) absorbing losses when crude prices are high and making profits when rates are low.