‘Happy Hours Discount’; Private pumps offer discounts of up to ₹5 on petrol and diesel, causing concern for public sector companies."

The 'Happy Hours Discount' has put public sector oil distribution companies in trouble. Public sector oil distribution companies were caught in a bind after private oil distribution companies started offering discounts of up to ₹5 per liter on petrol and diesel. Private companies like Reliance-BP and Nayara have announced discounts of ₹3-5 per liter on petrol and diesel. With the launch of the discount offer under the name ‘Happy Hours Discount,’ petroleum dealers of public sector companies have stated that market share losses of up to 50% have been reported in many parts of the country .

According to Jio-BP's social media advertisement, under the ‘Happy Hours Discount’ offer, those refueling between 10 AM and 5 PM will get a discount of ₹3 per liter on petrol. If a minimum of ₹1,000 worth of fuel is filled, a maximum discount of ₹5 per liter is also offered. The last change in petrol and diesel prices in the country was on October 30.

Reports suggest that Jio-BP and Nayara are earning a profit margin of ₹10-15 per liter. Therefore, they are expanding their distribution network nationwide. Owners of public sector pumps point out that it is inevitable to reduce prices in order to face this challenge . Public sector oil companies like Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) are facing pressure from pump owners to urgently reduce prices by up to ₹5 per liter.