Indian Oil Corporation (IOC) has announced an increase in commission for petrol pump dealers with effect from October 30, 2024. This decision has been taken following the resolution of a pending litigation. This measure will not have any impact on retail prices of gasoline and diesel. This decision of the IOC was welcomed by Union Minister Hardeep Singh Puri.
Currently, dealers receive a commission of Rs 1,868.14 per kiloliter for petrol and Rs 1,389.35 for diesel. According to the IOC, this will improve customer service standards. This decision will also be beneficial for employees working at points of sale.
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A drop in gasoline and diesel prices is expected.
Following this IOC decision, gasoline and diesel prices are also expected to drop in some federal states. Petrol and diesel prices will be reduced in states like Odisha, Chhattisgarh and Himachal Pradesh, except those states where the Model Code of Conduct applies.
Union Petroleum Minister Hardeep Singh Puri welcomed this initiative by the Oil Corporation, stating that it will benefit consumers living in remote areas. Petrol prices at Kunanpally and Kalimela in Malkangiri in Odisha will be reduced by ₹4.69 and ₹4.55 respectively, it said in a statement; And the price of diesel will be reduced by ₹4.45 and ₹4.32 respectively.
The Union Minister said that similarly, in Sukma, Chhattisgarh, the price of petrol will be reduced by ₹2.09 and the price of diesel will be reduced by ₹2.02. The increase in dealer commission will provide better facilities to approximately seven million people who visit our retail fuel outlets across the country, and there will be no increase in fuel prices.
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Better service and improved employment
This announcement made by the Oil Corporation on the occasion of Dhanteras, just before Diwali, is actually the result of seven years of demands from traders. For example, merchants had long been demanding an increase in commissions, something that has now been met after seven years. The Union Minister said this will benefit around 10 lakh employees working at over 83,000 petrol pumps across the country.
