The dealers were planning to call off operations to demand a higher commission from oil companies. Cogencis said talks between the dealers and companies were successful, with Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, agreeing to hike dealer commission on petrol by 14 paise per litre to Rs 2.58, and on diesel by 10 paise to Rs 1.52 per litre from November 16.”Based on the assurances we have received, we are deferring the agitation,” All India Petroleum Dealers Association President Ajay Bansal, was quoted as saying by Cogencis.
In the run up to the strike, the petroleum dealers have also stopped buying fuel, leading to mounting losses.
Nearly 54,000 dealers petrol pumps were planning to go on an all-day strike on November 15.
With the development, the dealers, on Saturday, also called off their plans of going on a partial strike.
Petrol, diesel price hike
On Saturday, the oil companies hiked the price of petrol and diesel, by 89 paise to Rs 67.62 per litre and by 86 paise to Rs 56.41 a litre. This is the sixth hike in petrol prices since September 1.
The price hike announced by Indian Oil Corp (IOC) is excluding local sales tax or VAT and will be effective from Sunday midnight. After including VAT, petrol in Delhi will cost Rs 67.62 a litre from midnight tonight, up Rs 1.17 from Rs 66.45 per litre currently. Similarly, diesel will cost Rs 56.41 a litre after including VAT in Delhi, up Rs 1.03 as compared to Rs 55.38 at present, a PTI report said.