Bhubaneswar/New Delhi: Consumers, now it’s time to use petrol, diesel more judiciously as oil marketing companies have decided to increase the dealer commission, paid to fuel pump owners, starting today making the prices of fuel go up.
The dealer commission, which is a part of price of the fuel that consumers pay, is currently Rs 2.55 per litre for petrol and Rs 1.65 per litre for diesel.
The All India Petroleum Dealers Association is likely to hike commission rates by Rs 1 per litre hike for petrol and Rs 0.72 litre for diesel from today.
Even though petrol and diesel prices are revised on a daily basis in sync with international crude prices, the hike in dealer commission would further hike the rates.
The move will hike the increment in fuel prices more while the decrease in rates will be lesser.
Dealer association are unhappy over the new system of daily change in retail prices of fuel rates (earlier prices were adjusted on 1st and 16th of every month). They claim that the new system lessens their margin since they have to face inventory losses when crude prices and subsequently retail prices go down.