KSRTC buys fuel from retail pumps since price hike, dues amount to Rs 137.6 cr: IOC

B Balagopal/Mathrubhumi News

Representational Image | Mathrubhumi

New Delhi: Government-owned Indian Oil Corporation (IOC) told the Supreme Court that the Kerala State Road Transport Corporation (KSRTC) has dues of Rs 139.97 crore to the company.

KSRTC has not purchased from IOC since it ordered differential pricing for retail and wholesale customers. Currently, KSRTC is buying fuel from retail petrol pumps, IOC said in its affidavit in the case filed by KSRTC against the price hike.

IOC voiced its disapproval in strong words of providing diesel to KSRTC at retail market price. The oil company claimed that selling fuel at retail price to a bulk purchaser is 'unconstitutional'. KSRTC had enjoyed benefits offered to bulk purchasers, it said.

IOC also asked the court to dismiss the petition of KSRTC and slap them with a huge fine for wasting the time of the court. It also said that the court cannot intervene or regulate the price of fuel in the market and any dispute shall be resolved through arbitration.

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