As people keep flocking to fuel stations to dispose of Rs.500 and Rs.1000 currency, oil majors have urged them to desist from panic buying, as it could lead to a huge demand that can outstrip availability of petrol and diesel.
A petroleum corporation official said that while all the three major public sector corporations are despatching adequate loads of fuel to the outlets to meet the demand, they have appealed to the public on Wednesday to buy only what is required to run their vehicles and not resort to panic purchase of excess quantity.
The fuel stations saw the vehicle-owing middle income group streaming in continuously on Wednesday as these people saw the outlets as ideal places to dispose the demonetised currency, what with the banks closed for two days. Soon, the fuel outlets also ran out of change, in Rs.100 and lower denomination
In Salem and Namakkal, queues of four-wheelers and two-wheelers were found in the petrol bunks even before the break of dawn.
All the three public sector oil marketing companies have assured the general public that every petrol / CNG station and LPG distributorship will accept Rs.500 and Rs.1,000 notes for all fuel-related purchase.
While the notes were accepted initially by the fuel stations, they soon ran out of change, especially the Rs.100 notes, and the public had to buy fuel for the entire value of the currency. Consumers could purchase from the outlets of the three oil companies till the midnight of November 11 with the Rs. 500 and Rs. 1,000 notes.
While assuring consumers of sustained fuel supply, the release also appealed to them to buy for only immediate need and avoid unnecessary stocking. In Erode, large queues of motorists could be witnessed at fuel stations. But, as the day progressed, the fuel stations refused to accept the Rs. 500 and Rs. 1,000 notes since they could not tender change.
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