The mishap occurred around 3.30 am when a tyre burst as the driver, Manoharan Das (56) of Tamil Nadu, was negotiating a curve, they said.
A major tragedy was averted as the lorry was empty and Fire Force personnel from Tirur doused the flames.
The lorry was proceeding from Kochi to IOC's Chelari plant, police said.
Vehicular traffic on NH 17 was affected for two hours due to the mishap.
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