Petrol pump dealers have deferred till month-end their planned 'no-purchase, no-sale' agitation against daily revision in fuel prices on expectations that oil companies will raise their sales commission. All India Petroleum Dealers Association, which claims to represent petrol pump operators in 23 states, had called on its members not to buy any fuel from oil companies or sell any petrol and diesel to consumers on July 12.
This was in protest against the "losses" the petrol pump dealers have suffered because of daily revision in fuel prices being implemented from June 15.
"The Petroleum Ministry has directed the oil marketing companies (OMCs) to decide on raising dealers commission by July 31," AIPDA president Ajay Bansal told PTI here.
Also, the oil companies have promised to study the implementation of the daily price revision till August 15 to see if the dealers actually suffer any losses.
"In view of this, we have decided to defer the agitation till August 1," Bansal said.
Dealers say they suffer losses as they buy petrol and diesel from oil companies at one rate but the very next day rates would be cut. "Buying at x price and selling at x minus 1 is leading to huge losses for dealers," he said.
He said the OMCs have promised to devise some compensation scheme if the two months study (June 16 to August 15) throws out findings that dealers had suffered substantial loses due to daily price revision.
Prices of petrol and diesel are revised at 0600 hrs everyday since June 16 to reflect any change in international oil price in the previous day.
Previously, the revision in rate would happen on 1st and 16th of every month and was based on average international oil price and foreign exchange rate in the preceding fortnight.
Latest Business News
