New Delhi: Trade unions on Wednesday urged Petroleum Minister Dharmendra Pradhan to reconsider the proposed privatisation of Bharat Petroleum Corporation Ltd ( BPCL ). In a joint letter to Pradhan, the unions said, "The joint platform of central trade unions and federations urges upon you to please seriously reconsider and refrain from such move of privatization of BPCL in the interests of the nation. "It said despite opposition by trade unions and BPCL employee unions, the government is going ahead with the public sector firm's privatisation.BPCL was formed by the nationalisation of multinational petroleum companies through an Act of Parliament, which was a major step towards strengthening the country's petroleum sector, it said.Post nationalisation, the capacity of BPCL has been augmented through huge investment out of the national exchequer to serve the people with unhindered supply of petrol, diesel, cooking gas and kerosene, the letter said.The PSU also contributed Rs 25 crore towards the Statue of Unity and Rs 125 crore towards the PM-CARES Fund, it said.Despite various odds, BPCL remained a consistently well-performing company, contributing handsomely to the national exchequer through dividend, special dividend and taxes. "The decision to privatise BPCL along with its huge productive asset base, that too at a throw away price, can no way be in national interest," the unions said, adding the move goes against the government's policy of self-reliance.The government had in November last year decided to sell its 52.98 per cent stake in BPCL.The 10 central trade unions which constitute the joint forum are INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA , AICCTU, LPF and UTUC.There are 12 central trade unions in the country.The other two central trade unions are the RSS-affiliated Bharatiya Mazdoor Sangh (BMS) and National Front of Indian Trade Unions (NFITU).

Source: Economic Times August 26, 2020 13:30 UTC