Outlets limit stock over possible fuel price slash
Source: Chronicle News Service

Imphal, March 12 2024: With the central government likely to slash price of petrol and diesel ahead of the 2024 Lok Sabha elections, fuel outlets in Imphal are reportedly operating with only two days of stock to avoid possible losses.

According to reports, union minister for petroleum and natural gas Hardeep Singh Puri had said on February 17 that OMCs have made profits in the past three quarters and in case of another quarter with healthy profits, the companies may consider revising the price, for the benefit of the common people.

Owing to uncertain on when reduction in fuel price will be effective, fuel dealers across the country have been urging authority concern to share prior information on the same.

The union government is planning to reduce the fuel price considering the upcoming Lok Sabha elections.

Speaking to this daily, an owner informed that fuel retail outlets in Manipur are operating with about two days of stock against the usual inventory of four-five days in the past few days considering the fact that they could suffer significant losses in case of excess stock as and when the price revisions come with immediate effect.

The retail outlet owner further informed that the retail outlets get profit of Rs 2.90 and Rs 1.85 per litre of petrol and diesel respectively.

If the fuel price is reduced, the outlets will be the only losers.

It is speculated that the fuel price will be cut by Rs 5 to 10 .

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