Covid, unrest combine deal heavy blow on fuel ROs
Panic buying grips Imphal for a while
Source: The Sangai Express
Imphal, October 11 2023:
The 162-days-old current crisis has further damaged and shrunk the State fuel market which is still recovering from the effects of the recent COVID-19 pandemic, said some retail outlets to The Sangai Express.
They said the unprecedented violent conflict between communities since May 3 is affecting the oil market on almost all fronts and some petrol pumps are unable to open.
The present conditions, if not improved, may affect other retail outlets, they added.
This development came amid people standing in queue in front of petrol pumps in anticipation of the retail outlets being shut due to a hands-off steering wheel strike by the oil tanker drivers.
|
The hands-off steering wheel stir was launched by the truckers in response to an attack carried out by unknown miscreants on loaded oil tankers on National Highway-37.Unknown armed persons had reportedly fired at the oil tankers heading to Imphal from Jiribam on October 10 .
Today morning, people stood in long queues in front of petrol pumps in Imphal.
The long queues died down in the afternoon with the petrol pumps continuing normal sale.
Almost all pumps were opened in Imphal except some which were facing other problems not related to fuel stock.
Officials have informed that the Malom Depot has plenty of petrol and diesel stocks.
Meanwhile, the retail outlets said the current crisis has significantly impacted them and it has changed the oil market in the State.
Explaining, the retail outlets said during COVID-19 pandemic, they were forced to even use their working capitals, after which the Indian Oil Corporation Limited provided them credit facility.
The credit facility allowed them to purchase oil on credit, provided they pay back the credit within 3 days.
Rs 10,000 was imposed as penalty for late payment.
In case any retail outlet fails to timely pay back the credit three times, the retail outlet isn't given the credit facility for a period of one year.
Even though this credit facility was given to the retail outlets, they weren't able to recover the damages incurred on their working capitals during the COVID-19 pandemic.
While most retail outlets are still bearing the brunt of the pandemic, the current crisis and the tension between communities has caused more trouble.
Their working capitals have been greatly affected.
The retail outlets said petrol pumps in Senapati, Kangpokpi, Moreh and Churachandpur are getting their stocks and supply from outside the State.
The supply isn't done through Malom Depot, and as such the market has considerably shrunk.
Some of the retail outlets are not even selling 1000 litres of petrol a day.
Diesel sales are almost nil in almost all pumps, they said.
While the retail outlets aren't selling much, demands for donations have added to the problem.
Moreover, most retail outlets get their working capital on loans from banks, and they are facing immense difficulties in paying EMIs on the loans, they added.
Above all these, the retail outlets are bearing charges for wear and tear and maintenance.
The rate of fare of the tankers ferrying fuel to Manipur was set in 2013 and this rate is still in use even after a decade while prices of almost all commodities have skyrocketed, the retail outlets said.
One radial tyre of a tanker now costs Rs 25,000.The tyres of the trucks need to be changed and repaired timely for safety and security.
Changing six tyres of a tanker costs Rs 1,50,000 .
The retail outlets are further bearing maintenance charge and Line expenditure of the tankers.
When all these charges are added, amid the crisis, the retail outlets aren't getting any profit, they said.
If the retail outlets continue to function in the current conditions, they may be forced to shut shop, they added.