Quite a few petrol bunks have displayed `no stock’ boards in Hyderabad and elsewhere in the past few days with the withdrawal of credit facility on offtake of bulk fuel from depots of oil marketing companies.
HPCL and BPCL have completely withdrawn credit facility
But IOC had given five days to make payment after lifting stocks since March. The norm had pushed the retail dealers to the wall as some of them had liquidity issues in immediate payments. To add to their woes, the recent excise duty cut on petrol and diesel had burnt a hole in the pockets of dealers.
