Petrol and diesel pumps in Tamil Nadu have decided not to purchase fuel from Oil Marketing Companies on May 31 in protest of the sudden reduction in prices by the Union Government.

   Tamil Nadu Petroleum Dealers Association in a statement said that the reduction in the fuel prices by the Central Government led to dealers losing Rs 3 lakh to Rs 15 lakh.

The dealers association said that while the dealers had requested the Central Government for a gradual reduction of prices, the prices were reduced all of a sudden leading to heavy losses.

KP Murali of the Tamil Nadu Petroleum Dealers association in the statement said that the price of fuel was reduced during Deepavali but during those days the dealers were advised to keep five days' stock of petrol and four days' stock of diesel. He also said that the dealer margin has not been revised since 2017 and said that the present margin is the same when the petrol price was Rs 60 a litre.

The statement also said that with the price of petrol hovering above Rs 100 a litre, the dealers are forced to pay more money but the margin remains the same which was unscientific and loaded against the dealers.

The dealers' association said that they have announced a protest of not buying fuel on May 31 to highlight their woes.

The dealers said that one day's protest would prevent the oil marketing companies from achieving their monthly target, hitting their bottomlines hard which have been bolstered till now with the hard-earned money of the common man.