These people suffered losses due to cheap petrol, diesel, 6 crores hit in Goa

Panaji. The common people have got relief from the reduction of excise duty on petrol and diesel by the central government. But this relief of the government brought disaster for the petrol pump traders. In Goa, the distributors of both the fuels in the state have suffered a loss of around Rs 6 crore due to a sudden reduction in excise duty and value-added tax (VAT) on petrol and diesel by the Centre and the state government on the eve of Diwali.

All Goa Petrol Pump Dealers Association president Paresh Joshi said that all 130 distributors in the state have suffered a loss of around Rs 6 crore. He said petroleum companies had asked distributors to keep their tanks full on the eve of Diwali as the filling terminals would remain closed for the next two days.

Joshi said, “When the distributors capped their stock, there was a sudden announcement of a reduction in prices by the Centre and later by the state government. This caused huge losses to the distributors who had bought the fuel at the old rates." After the reduction in excise duty by the Centre on November 3 and then VAT by the Goa government, the price of petrol and diesel was reduced by a total of Rs 12 per litre. 17 per litre decreased.

Joshi said that most of the distributors have suffered a loss of Rs 10-12 lakh depending on their storage capacity, which will take a month or one-and-a-half for them to recover.

About The Author

Chetan Sharma is an Indian fact-checker and news writer, writing news for Ayupp since 2014.

You Might Be Interested In

Latest On