BENGALURU: The Akhila Karnataka Federation of Petroleum Traders has announced that it will not buy stocks from oil companies like Bharat, Indian, Hindustan Petroleum on May 31 to protest over the loss of Rs 1,600 crore following the Centre’s decision to slash excise duty.
According to the president of the federation, KM Basavegowda, the federation always welcomes whenever petrol and diesel prices are reduced. “We have already lifted stocks and the reduction of excise duty on petrol is Rs 9.50 and Rs 7 on diesel.
We cannot ask customers to pay, and hence have to incur losses,” said Basavegowda. However, customers will not be inconvenienced as the stock fuel will be available. He further added that decision against purchasing, which would result in losses to the government, is only a token protest, and if the government does not compensate, the traders may shut the bunk.