Indian Oil Corporation (IOC) has announced an increase in commission for petrol pump dealers with effect from October 30, 2024. The decision follows the resolution of pending litigation. The move will not have any impact on the retail prices of petrol and diesel. The decision by the IOC was welcomed by Union Minister Hardeep Singh Puri.
Currently, dealers receive commission of Rs 1,868.14 per thousand liters for petrol and Rs 1,389.35 per thousand liters for diesel. The IOC said this would improve customer service standards. This decision will also benefit retail store employees.
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Petrol and diesel prices expected to fall
Petrol and diesel prices are also expected to drop in some states after the IOC’s decision. Petrol and diesel prices will come down in states like Odisha, Chhattisgarh and Himachal Pradesh, except those implementing the Model Code of Conduct.
Union Petroleum Minister Hardeep Singh Puri welcomed the move by oil companies, saying it would benefit consumers living in remote areas. He said in a statement that the price of petrol will be reduced by Rs 4.69 and Rs 4.55 respectively at Kunanpally and Kalimela in Malkangiri, Odisha, while diesel prices will be reduced by Rs 4.45 and Rs 4.32 respectively.
Similarly, in Sukma in Chhattisgarh, petrol prices will be reduced by Rs 2.09 and diesel prices by Rs 2.02, the Union Minister said. The increase in dealer commission will provide better facilities to around seventy million people visiting our fuel retail outlets across the country without any increase in fuel prices.
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Better services and improved employment
The announcement by the oil companies on the occasion of Dhanteras ahead of Diwali is actually the result of seven years of demands from dealers. For example, dealers’ longstanding demand for increased commissions has now been met after seven years. The federal minister said this will benefit about 1 million employees at more than 83,000 filling stations across the country.
