ROs worried over further fuel price cuts
Source: The Sangai Express

Imphal, February 04 2024: Apprehension has spread among people engaged in running the retail outlets of Indian Oil Corporation Limited (IOCL) as speculation is rife that the price of petrol and diesel may reduce anytime ahead of the 2024 Parliamentary elections and they have already bought tonnes of the same earlier.

Speaking to The Sangai Express, a staff of one IOCL's retail outlet said that many of the retail outlets which took loans from different banks are struggling to pay the EMI due to the prevailing situation in Manipur.

Saying that they couldn't save much after paying the EMI despite opening the outlet from early morning to late in the evening, he appealed to the Government to see if the interest of the loan they had taken can be waived off.

ROs worried over further fuel price cuts

He went on to state that many retail outlets in valley areas are on the brink of closure as the fuel market has been affected greatly by Covid induced lockdown and the ongoing crisis besieging Manipur since May 3, 2023 .

Maintaining that many retail outlets are opening out of compulsion to pay the EMI, he added that even paying salary to pump attendants and covering the daily expenditure have become difficult let alone make profit.

Reducing the price of petrol and diesel in such a situation may aggravate their problems, he said.

The Government may reduce the price of petrol and diesel this month itself as the price of crude oil has dropped and the fuel price hasn't been revised for some time, he added.

Saying that the retail outlets will lose money if the fuel price is dropped abruptly, he added that they will not have any other option than to sell the petrol and diesel at the revised rate if the Government reduces the fuel price.

If the price of petrol is reduced by Rs 10 per liter then the retail outlets which have four kilolitres of petrol (bought before the price revision) at its storage tank will lose Rs 40,000 and the same goes for diesel too, he maintained.