If petrol prices hit the century mark, dispensing units will hit zero
Apart from the already serious problem of skyrocketing fuel prices, the petroleum industry is now facing a new challenge. This challenge must be addressed before the motor fuel price per litre reacher the Rs 100 mark. That is because if petrol prices hit the century mark, dispensing units at petrol pumps will stop working.
The fuel dispensing units that are currently set up at petrol pumps are calibrated for the digital display of prices in two digits with two decimal figures. Thus, they can display a maximum of Rs. 99.99. Now, if the price of the fuel touches Rs. 100.00, which is easily possible in the near future, then the dispensing units will display Rs. 0.00. This will be a huge inconvenience. The vendor will have to collect the additional Rs. 100 from the consumer manually.
The Chairman of All India Petroleum Dealers Association, M Prabhakar Reddy said, “When the display units were digitised they didn’t foresee the day the price per litre petrol would touch Rs 100 and they have woken up to the reality at the last minute. The dealers and consumers will suffer because it takes time to upgrade the system and the retail industry may even come to a standstill.”
And for those thinking that the price per litre of petrol touching the three-digit figure is not possible must be informed that on Friday, a litre of petrol was being sold at Rs 90.57 in Mumbai. Experts are expecting the price to touch Rs 100 in mid-December, taking into account the present currency fluctuations and rising crude oil prices.
This is truly a problem which was unimaginable until a few days ago. It has now suddenly dawned upon the authorities. If petrol prices hit the century mark, the business of petrol may even come to a standstill in the country. And this is an issue of grave concern.
