Two of four old petrol pumps operated by Chandigarh Industrial and Tourism Development Corporation’s (CITCO’s) have reported a dip in profit, indicating that they are struggling to bring in customers and maintain sales.
At the CITCO petrol pump in Sector 38 (West), profit dipped to ₹28 lakh between April 1 and July 31, 2022, a dip of 20% from the corresponding period in 2021, when it was reported at ₹35 lakh.
Similarly, it dipped from ₹23 lakh to ₹22 lakh at the Sector 17 petrol pump for the same period. Collectively, the four older stations, have reported dip in profit from ₹1.93 crore to ₹1.89 crore.
In total, CITCO operates seven petrol pumps, of which three started operating last year and all of them clocked profit.
The petrol pumps in Industrial Area, Phase 1, and Dhanas reported profit of ₹73 lakh and ₹45 lakh, respectively. The Raipur Kalan petrol pump also reported a jump in profit from ₹57 lakh in the last fiscal to ₹87 lakh.
{{/usCountry}}The petrol pumps in Industrial Area, Phase 1, and Dhanas reported profit of ₹73 lakh and ₹45 lakh, respectively. The Raipur Kalan petrol pump also reported a jump in profit from ₹57 lakh in the last fiscal to ₹87 lakh.
{{/usCountry}}When contacted, Sudhir Gupta, deputy general manager of petrol pumps under CITCO, refused to comment on the issue, stating that he does not remember the figures.
On downward trajectory for 4 years
A deep dive into the figures reveals that the downward trajectory of profits at the old petrol pumps started four years ago.
At the fuel station in Sector 9, profit has plummetted from ₹1 crore in 2018 to ₹70 lakh this fiscal, a dip of 30%. The situation at the Sector 38 (West) fuel station isn’t faring much better, where profit has seen a sharp drop from ₹97 lakh in 2018 to ₹28 lakh now.
The Sector 56 facility has also seen dipping profitability from ₹88 lakh in 2018 to ₹66 lakh this year .