Oil companies kick off fortnightly ATF price revision with 12% cut, to keep petrol pumps open on March 22
NEW DELHI: State-run fuel retailers have decided to dump the monthly revision of jet fuel prices and opt for fortnightly revision, a move that will bring relief to airlines by quickly passing on the benefit of falling crude and jet fuel prices at a time when the carriers are grappling with the economic impact of coronavirus pandemic.
Kicking off the new price revision regime, state-run fuel retailers on Saturday reduced jet fuel prices by 12% from Saturday. In normal course, prices were revised on the first of every month. The sharp cut follows last weeks’ crash in global oil prices and will ease some of the pain of carriers as fuel constitutes 40% of their operating cost.
In a related development, state-run fuel retailers will keep petrol pumps open during the ‘janata curfew’ on Sunday (March 22) with fewer staff to maintain social distancing norms, even as the All India Petroleum Dealers Association president Ajay Bansal urged consumers to fill up their tanks to avoid frequent trips to the outlet and pay through digital mode to minimise contact.
The country’s largest refiner-fuel marketer IndianOil on Saturday said the emergency service cell number 1906 for LPG customers will remain operational as usual on Sunday. IndianOil is also maximising bottling operations and LPG refill deliveries on Saturday to ensure that most customer requests for refills are attended to.
The company has put in place rigorous safety and health watch protocols at its establishments and units to keep employees, associates and operations safe from coronavirus infections. Adequate care is also being taken with respect to the tank-trucks drivers ferrying products to consumption points.
The company said all its refineries, pipelines and depots are functioning normally and stocks are being built up at upcountry locations as a contingency measure in case of supply disruption. Appropriate advisories for maintaining safety protocols have been issued to dealers, pump attendants, LPG distributors and delivery boys manning the customer touch-points.
All state-run retailers are also operating jet refuelling stations across the country.
IndianOil has also implemented work-from-home at non-critical locations with staggered work hours and working on alternative days. However, operations at critical refining, supply and distribution locations will continue to be manned by adequate staff for the uninterrupted, safe and secure maintenance of the supply chain.
Kicking off the new price revision regime, state-run fuel retailers on Saturday reduced jet fuel prices by 12% from Saturday. In normal course, prices were revised on the first of every month. The sharp cut follows last weeks’ crash in global oil prices and will ease some of the pain of carriers as fuel constitutes 40% of their operating cost.
In a related development, state-run fuel retailers will keep petrol pumps open during the ‘janata curfew’ on Sunday (March 22) with fewer staff to maintain social distancing norms, even as the All India Petroleum Dealers Association president Ajay Bansal urged consumers to fill up their tanks to avoid frequent trips to the outlet and pay through digital mode to minimise contact.
The country’s largest refiner-fuel marketer IndianOil on Saturday said the emergency service cell number 1906 for LPG customers will remain operational as usual on Sunday. IndianOil is also maximising bottling operations and LPG refill deliveries on Saturday to ensure that most customer requests for refills are attended to.
The company has put in place rigorous safety and health watch protocols at its establishments and units to keep employees, associates and operations safe from coronavirus infections. Adequate care is also being taken with respect to the tank-trucks drivers ferrying products to consumption points.
The company said all its refineries, pipelines and depots are functioning normally and stocks are being built up at upcountry locations as a contingency measure in case of supply disruption. Appropriate advisories for maintaining safety protocols have been issued to dealers, pump attendants, LPG distributors and delivery boys manning the customer touch-points.
All state-run retailers are also operating jet refuelling stations across the country.
IndianOil has also implemented work-from-home at non-critical locations with staggered work hours and working on alternative days. However, operations at critical refining, supply and distribution locations will continue to be manned by adequate staff for the uninterrupted, safe and secure maintenance of the supply chain.