For the buyers going to the retail petrol pumps to buy fuel for their usages, strict action is set to follow soon as the central government has tighten noose against industrial consumers procuring fuel from retail outlets.
It said the practice is adversely impacting the financial health of state-runoil marketing companies (OMCs)who are absorbing Rs 550 crore per day on the sale of petrol, diesel and domestic liquefied petroleum gas (LPG).
“The Government has requested states and Union Territories (UTs) to form special squads and take strict action against malpractice of bulk consumers and hoarders taking supplies meant for retail consumers, black marketing, unauthorised stocking and diversion of petroleum products under relevant provisions of the Essential Commodities (EC) Act and control orders issued thereunder,” centre said in a statement.
The situation could be worse for the industrial consumers who are diverting the purchases.
“Industrial consumers who divert their purchases from the industrial channel to the retail pump capture this cushion at the cost of the ordinary citizen. They also concentrate demand at the pump in a way that produces local shortages where none would otherwise exist,” it added.
The government has urged industry associations to sensitise their members about the consequences of violations.
The fuel prices have remain most impacted due to the Iran War as it has led to blockage of the Strait of Hormuz, the key route for crude oil supply.
After 76 days of the war, centre has hiked the fuel prices to contain the losses against the rising crude prices. Prices were increased for the first time on May 15 by Rs 3 per litre, followed by another hike of around 90 paise on May 19, and got costlier for the third time on May 23. India has registered fourth consecutive hike in the prices of petrol and diesel in less than two weeks time. The fuel prices have increased by nearly Rs 7.5 per litre.
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