Petroleum Minister invites FAIPT president for meeting on June 14: Grewal

New Delhi, June 13, 2017: Petroleum Minister Shri Dharmendra Pradhan has invited Federation of All India Petroleum Traders president for a meeting on 14th June at 4o’clock at Shastri Bhawan, New Delhi.
According to Sukhminderpal Singh Grewal, National Secretary and Spokesperson, Federation of All India Petroleum Traders (FAIPT), today, on 13th June a meeting is called by EDs Retail Oil Marketing Companies and Government of India officials with FAIPT representatives to discuss the matter "Introduction of daily pricing of MS/HSD" in Harbour View Conference Room in Bharat Petroleum Corporation Ltd, Bharat Bhavan No.3 (Shanti Bhavan), Near Grand Hotel, Ballard Estate, Mumbai from 02:00 to 03:30 PM.

He added the new system of daily revision of prices will ruin the petrol dealers specially the small dealers whose total investment shall stand wiped out due to downward revision of prices over a period of time.

There are places where the petrol tanker reaches on the 3rd day due to the distance in the hilly area and in the event of downward revision of price he would have suffered a loss even before the supply had reached his petrol pump.

He further said then there is issue of physically changing the prices at midnight day after day. It was explained that dealers continued existence as dealers would get terminated if there ever was to be any mistake in the price charged and the dealer has to change the price himself to avoid threat to his continued existence in the trade.

“The federation also stressed that they were in retail trade and not in speculative trade and requested the industry not to press for this new system”, he said, adding the OMC have noted the points made and assured a careful and unbiased appraisal of the submissions.”