Diesel price for bulk users raised by nearly ₹25 a litre. However, retail rates at petrol pumps remain unchanged

Diesel for bulk users costs ₹122.05 per litre in Mumbai. AFP

The price of diesel sold to bulk users has been hiked by about ₹25 a litre in line with a near 40% rise in international oil prices, but retail rates at petrol pumps remain unchanged, sources said.

Petrol pump sales have jumped by a fifth this month after bulk users such as bus fleet operators and malls queued up at bunks to buy fuel rather than the usual practice of ordering directly from oil companies, widening the losses of retailers.

Worst hit are private retailers such as Nayara Energy, Jio-bp and Shell, which have so far refused to curtail any volume despite a surge in sales. But now closure of pumps is a more viable solution than continuing to sell more fuel at rates that have been on freeze for a record 136 days, three sources with direct knowledge of the development said.

In 2008, Reliance Industries shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidised price offered by the public sector competition.

Wide variation

A similar scenario may unfold again as retailers’ losses widen from bulk users being diverted to petrol pumps, they said. Price of diesel sold to bulk users has been hiked to ₹122.05 a litre in Mumbai from ₹94.14 a litre sold at petrol pumps. In Delhi, diesel costs ₹86.67 a litre at the petrol pump, but for bulk or industrial users, it is priced at about ₹115.

PSU oil companies have not raised retail prices of petrol and diesel since November 4, 2021 despite a surge in global oil and fuel prices. Prices were supposed to start aligning with cost after the counting of votes on March 10 for the recent Assembly elections.

Private fuel retailers like Nayara Energy, Jio-bp and Shell were forced to hold petrol and diesel prices as they would have lost customers, if rates at their petrol pumps were higher than those of the Indian Oil Corporation (IOC), the Bharat Petroleum Corporation Ltd. (BPCL) and the Hindustan Petroleum Corporation Ltd. (HPCL).

But now, the PSU retailers have hiked rates for bulk users such as State bus fleets and malls and airports which use diesel for generating back up electricity, the sources said. The wide difference of about ₹25 per litre between the bulk user rate and petrol pump price has prompted bulk users to refuel at petrol pumps rather than book tankers directly from the oil companies, they said. This has led to widening losses of oil companies, already bleeding from selling petrol and diesel at way below the cost.

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