After slashing LPG cylinder prices, is government mulling the same for petrol and diesel?
Oil marketing companies have been performing well for the last two quarters, reporting profits in their petrol and diesel segments. Zee Business sources told that OMCs want to pass that profit on to customers.
Consumers using LPG got a huge relief last month when the central government announced a cut of Rs 200 per cylinder. Now, the government can surprise everyone by slashing the prices of petrol and diesel.
How petrol, diesel prices can be cut
Oil marketing companies (OMCs) have been performing well for the last two quarters, reporting profits in their petrol and diesel segments. Zee Business sources told that OMCs want to pass that profit on to customers.
With the possibility of a petrol and diesel price cut gaining momentum, petrol pump dealers are scheduled to meet on September 9 to discuss their concerns related to the same.
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Dealers meeting on September 9
In their September 9 meeting, petrol pump dealers, who get commission on the sale of per litre of gasoline and diesel and are a party to price hikes, will discuss how to approach the petroleum ministry to increase their commission.
They have decided to write a letter to the petroleum ministry saying that if the ministry revises the rates of petrol and diesel, the dealers should also be provided with information about OMCs or inventory, and the payment model for their commission should also be clear. Likewise, the Consortium of Indian Petroleum Dealers has also written a letter to the Petroleum Minister in the same regard.
The consortium is demanding that the government inform it in case of a price revision, and if it does happen, the government should also instruct OMCs to increase dealers' commission.