Oil cos’ ‘no credit’ hits petrol pumps Nagpur: The no-credit system introduced by public sector oil marketing companies following the West Asia crisis has led to temporary closures of five to six petrol outlets on Monday. Previously, oil companies sold fuel, particularly diesel, on credit. This practice was halted after the crisis, and now funds must be deposited in advance. Some outlets ran out of fuel as the required payments were not made, according to sources. Amit Gupta, president of the Federation of Maharashtra Petroleum Dealers Association Nagpur branch, stated that the new system has disrupted the trade cycle. Under the old system, pumps received fuel on credit and then sold it to customers on a deferred payment basis. However, with credit from oil companies stopped, recoveries remain a challenge.#nagpur #west_asia_crisis #public_sector_oil_marketing_companies #amit_gupta
