Fuel pump owners to protest against daily price revision

Fuel pump owners have announced that they will stop purchasing fuel from Oil Marketing Companies (OMCs) from June 16, 2017. This decision has been taken after the OMCs decided to revise fuel prices throughout the country on a daily basis from the said date.

In order to mark its protest, the Federation of All India Petroleum Traders has also written to the Union Minister for Petroleum and Natural Gas. The fuel pump owners' union has suggested that the decision to revise petrol and diesel prices on a daily basis will kill profits of pump owners. It has also claimed that fuel pump owners in the five cities where fuel prices were revised daily as part of a pilot project from May 1, have already seen a drop in their operating profits due to losses from accumulated inventory.

All pump owners under the association will not purchase fuel from OMCs from June 16, until the decision for daily price revision is revoked. As a result, they are likely to go dry in a few days. The dealers are also demanding an increase in commission in order to offset the possible losses from daily price revision, if the said decision isn't revoked.

Source: ET