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Petrol Pumps Oppose New Pricing System with “No Purchase No Sale”
June 15, 2017
As the top state-owned petroleum retailers, viz. Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, and Indian Oil Corporation Limited have decided to use a daily price revision system since June 16 onwards through automated mechanisms, the Federation of All India Petroleum Traders (FAIPT), which reportedly covers about 54,000 petrol pumps, has threatened to restrict all purchases and sales at the stations on June 16.
According to FAIPT, the daily price revision system has had a negative impact on the dealers in the five cities where it was launched on a pilot basis as they had to face huge inventory loss.
