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Relief to consumers on Deepawali, but a big blow to petrol pump owners

Highlights:

  • The state-owned fuel company has around 78,000 petrol pumps in the country.
  • Petrol pump owners made inventory at the old rate
  • Now it’s their turn to suffer heavy losses

New Delhi: The central government has talked about reducing the price of petrol and diesel. Just a day before Diwali, it has announced reduction in excise duty. Petrol has become cheaper by Rs 5 per liter and diesel by Rs 10. Since then, 15 states and two union territories have also reduced VAT on petrol and diesel prices. After that the customers have got some relief but the petrol pump owners have suffered a lot.

The state-owned fuel company has around 78,000 petrol pumps in the country. These pumps bought the stock at the old rate. However, those people have to sell petrol and diesel at new prices. They are incurring a loss of around Rs 7 per litre. Large petrol pumps have a stock of up to 1.5 lakh liters while small petrol pumps have a stock of up to 30-40 thousand liters. In which 70 percent is petrol and 30 percent diesel.

Heavy damage to petrol pumps
The price of petrol has been reduced by Rs 12 and diesel by Rs 17 in many cities after the announcement of the cut by the central and state government. Petrol was Rs 110.04 per liter on Wednesday and Rs 103.87 per liter on Thursday. Meanwhile, the price of diesel has come down from Rs 98.42 to Rs 86.67. Due to this, big petrol pumps have suffered a loss of Rs 10 to 20 lakh. At the same time, small petrol pumps have suffered a loss of Rs 1 lakh to Rs 2 lakh.

Ajay Bansal, president of All India Petrol Pump Dealers Association, said the matter has been informed in a letter to Finance Minister Nirmala Sitharaman. The extra money given in the list of petrol pumps should be credited. The latter should accommodate the purchase of petrol-diesel.

Akshardham was decorated with lanterns and lamps on the eve of Diwali.

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