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  Business   In Other News  12 Jun 2017  Pump owners upset with daily change

Pump owners upset with daily change

PTI
Published : Jun 12, 2017, 4:45 am IST
Updated : Jun 12, 2017, 4:45 am IST

IOC said the seamless execution of the 40-day pilot in Chandigarh, Jamshedpur, Puducherry, Udaipur, and Vishakhapatnam has reassured all stakeholders.

The daily change in prices of petrol and diesel across the country follows the success of a pilot implementation in five cities.
 The daily change in prices of petrol and diesel across the country follows the success of a pilot implementation in five cities.

New Delhi: State-owned fuel retailers IOC, BPCL and HPCL have put in place an automated system to implement daily revision in petrol and diesel prices from June 16 even as a section of petrol pump dealers threatened to go on strike against the move.

The daily change in prices of petrol and diesel across the country follows the success of a pilot implementation in five cities. “This move will ensure that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end users,” Indian Oil (IOC), the nation’s largest fuel retailer, said.

 

IOC said the seamless execution of the 40-day pilot in Chandigarh, Jamshedpur, Puducherry, Udaipur, and Vishakhapatnam has reassured all stakeholders on the efficacy of its implementation.

Federation of All India Petroleum Traders (FAIPT), which claims to represent most of nation’s 54,000 petrol stations, said there will be “no purchase no sale” of petrol and diesel on June 16 in protest against the decision.

“Dealers of five cities where it was launched have already burnt their fingers. They are crying at the inventory loss that they have already suffered due the fluctuations in the daily changing prices on the inventory held by them,” it said.

 

FAIPT said 50 per cent of petrol pumps sells on average 30 kilolitre of fuel per month. “One tank lorry of 18 Kls lasts most of such small dealers 7 to 10 days. Any such decision shall wipe out his entire working capital if the prices were to go down frequently,” it said.

Tags: petrol pump dealers, indian oil, all india petroleum traders
Location: India, Delhi, New Delhi