Petrol pumps have windfall gains as consumers shell out scrapped notes
Fuel sales have doubled in Gurgaon, mostly in cashgurgaon Updated: Nov 15, 2016 12:36 IST
Fuel stations in Gurgaon are having a windfall as petrol/diesel sales doubled with more than 90% payments in cash. Sales in credit have also stopped as residents are rushing to exhaust ₹500 and ₹1,000 notes that were scrapped since November 9.
Proprietors of fuel stations said earlier more than 40% consumers preferred payments through debit or credit cards but now more than 90% prefer cash payments, mostly the scrapped currency notes.
Most consumers are filling vehicle tanks to the full capacity. But, in such cases, the only issue is that the final amount is often not in a round figure. “For instance, a tank is filled for ₹1,700. We ask consumers to pay a round figure (₹1,500) in cash and pay the rest (₹200) through digital payment,” Rakesh Jain, owner of Jawala service station in Sector 31, said.
Jain said there is problem in filling fuel for denominations lesser than ₹500 or ₹1,000 as loose change is not available. “After the currency ban order, more than 90% people are paying in cash,” Jain said. He said on an average, a petrol pump sells fuel worth ₹30 lakh per day and the figure has doubled since November 9.
Manish Yadav, president Gurgaon petrol pump dealers’ association, said weekly credit sales have also been converted to debit sales as regular credit consumers are paying in cash. “With no shortage of fuel in the city, sales have increased manifolds,” he said.
There are 135 petrol pumps in Gurgaon district. Yadav said fuel sales vary from pump to pump from ₹10 lakh to ₹70 lakh per day.
Petrol pump owners are, however, facing problems in depositing the cash because of long queues at banks. The pump owners have to pay for fuel intake on a daily basis. “We have to send a person to the bank in the morning to take a token. There is security risk in making a person stand in queue with large amount of cash. We hope the situation will normalise soon,” Vinay Sharma, manager at a petrol pump in Sector 15, said.
First Published: Nov 15, 2016 00:12 IST