The prices of petrol and diesel continued to remain unchanged on Tuesday following Finance Minister Nirmala Sitharaman announcing a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on May 21, 2022. The excise duty cut reduced of ₹9.5 a litre on petrol in Delhi and ₹7 a litre in diesel after taking into account its impact on other levies.
The cost of petrol in Delhi on Tuesday is ₹96.72 per litre while that of diesel is at ₹89.62. While in Mumbai, petrol price is stationed at ₹111.35, and diesel is retailing at ₹97.28, as per data available on Indian Oil Corporation’s website. Petrol price stands at ₹102.63 in Chennai, while diesel price stands at ₹94.24. In Kolkata, petrol is retailing at ₹106.03 and diesel is sold at ₹92.76. In Bengaluru, one litre of petrol will cost ₹101.94 and one litre of diesel will cost ₹87.89.
Meanwhile, a petrol pump dealers’ association will on Tuesday resort to ‘no purchase of petrol and diesel’ in protest against no increase in their commission by the oil marketing companies, but the protest is unlikely to disrupt supplies as fuel bunks have enough stocks to last couple of days. Petrol Pump Dealers Association said its members in 22 states will join the protest.
“Though there was an agreement between oil companies and dealer associations that the dealer margins will be revised every six months, it has not been revised since 2017. The prices of fuel have almost doubled since 2017, hence the working capital in business has doubled leading to additional loans and bank interests thereupon,” the association said in a statement.
Industry officials said that petrol pumps don’t need daily refills and their storage tanks store enough supplies to last couple of days.
“Evaporation losses have increased proportionately. Also, the overhead expenses like bank charges, electricity bills, salaries etc. have increased manifold during the last five years. Our constant demand to revise dealer commission has been overlooked by the OMCs (Oil Marketing Companies). By doing so, OMCs are making their own network financially unviable,” the statement said.
It demanded increase in dealers’ commission immediately. The 22 states where the dealers will be on protest are Tamil Nadu, Karnataka, Kerala, Telangana, Andhra Pradesh, Delhi, Punjab, Haryana, Rajasthan, Gujarat, Maharashtra, Himachal Pradesh, Bihar, Assam, Meghalaya, Arunachal Pradesh, Mizoram, Nagaland, Manipur, Tripura, Sikkim and North Bengal.
(With inputs from agencies)
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