NEW DELHI: A ₹3 per litre "happy hours discount" by private petrol retailers has seen outlets of State-run firms -- Indian Oil Corp., Hindustan Petroleum Corp. and Bharat Petroleum Corp. -- losing up to 50% market share at various locations, said dealers from across India urging their companies to immediately reduce prices.
The government deregulated petrol and diesel sales in 2010, allowing private competition in the domestic fuel retail business. The objective was to bring competition and benefit consumers in terms of price and quality. Dealers of State-run IOC, BPCL and HPCL, from Punjab, Bihar, Rajasthan, Madhya Pradesh, Haryana and the National Capital Region (NCR) said that this is now happening, and urged the companies to reduce fuel rates in response to their competition.
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