The prices of fuel – petrol and diesel – will change daily come next Friday.
This means that consumers will enjoy the benefits and also bear the burden of international crude oil prices across the country.
From now on, state-owned oil companies will be tweaking fuel prices on a daily basis and the government has been saying that that is in the interest of consumers.
Indian Oil Corporation Limited, the largest state-owned retailer, also said today that this practice will “ensure the best possible prices to the customers.”
“The daily price revision is an initiative for ensuring the best possible prices to the customers as well as improved transparency in the pricing mechanism,” said IOCL in a statement.
According to the government directives, daily prices of petrol and diesel will be displayed prominently at all petrol pumps. In addition to this, consumers will also be able to get daily rates via SMS (short messaging service) and from the IOCL mobile app – Fuel@IOC – IndianOil Mobile App
“Customers would be able to fetch daily updated prices of petrol and diesel at all cities through Indian Oil’s mobile app Fuel@IOC. Alternatively, customers may cross-check the prices applicable in their cities by sending SMS RSP< SPACE >DEALER CODE to 92249-92249. The Dealer Code of each petrol pump would be prominently displayed in the petrol pump premises,” IOCL statement added.
While all the fuel stations having automated price settings will be updated from the main office of the IOCL, there are around 54,000 fuel stations across the country who are against the daily revision of fuel prices. Non-automated fuel pumps are expected to manually update the prices with the one they got SMSs, e-mails, mobile app and web portal for dealers.
PROTEST ON JUNE 16 BY DEALERS
The Federation of All India Petroleum Traders, having over 54,000 dealers said they will not sale petrol and diesel on June 16 as a mark of protest against the government’s decision on daily revision in fuel prices.
“Dealers of five cities where it was launched have already burnt their fingers. They are crying at the inventory loss that they have already suffered due the fluctuations in the daily changing prices on the inventory held by them,” it said in a statement.
State-run oil retailers Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited had already implemented the daily revision of petrol and diesel prices in five cities – Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam.