With speculations of a proposed reduction in fuel prices doing the rounds, petroleum dealers have urged the State-run oil marketing companies (OMCs) to reduce prices in a gradual manner so that they can manage their stocks in a better manner and reduce losses.
Tamil Nadu Petroleum Dealers Association president K. P. Murali said that the last time when excise duty was cut, it happened during a Deepavali and since dealers had stocked up, many suffered heavy losses. “This time, if the companies can stagger the reduction over a period of say 10 days, it would help dealers to manage stocks and their finances. The daily pricing mechanism where changes happened in a few paise was introduced by the OMCs so that consumers and dealers would not be hurt,” he said. Previously, two price cuts happened during November 2021 and May 2022.
