From June 16, there will be a daily change in the petrol and diesel prices. As soon as the price change for the day is declared, it will be immediately available to customers.
Beginning June 16, there will be a daily change in the petrol and diesel prices. Dynamic fuel pricing initiative, where prices are changed everyday, is taken for prices to be in sync with the international crude prices.
B Ashok, Chairmain of IOC, said that this will prevent sudden shocks and the retailers will maintain the stock as per their average sales. A 40 day trial from May 1 in 5 cities - Chandigarh, Jamshedpur, Puducherry, Udaipur and Vishakhapatnam was taken to test the success of the theory. Surely enough, the pilot was a success. This led the government to bring in this change. Over 90 percent retailers are state-owned. There are three major retailers - Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).
The retailers will be informed via SMS, mobile apps, emails and the dealers' web portal. For the 10,000 automated petrol stations owned by the IOCL, the system would update the price change centrally. However, with over 60,000 petrol stations non-automated retailers worry as they have manually change prices at midnight.
Explainer: How Daily Revision Of Petrol, Diesel Prices Works
After being threatened by a strike, Oil Minister Dharmendra Pradhan said that the price change will happen at 6 am everyday instead of midnight. The petrol pump owners called off their strike yesterday after this change.
As soon as the price change for the day is declared, it will be immediately available to customers. Here's how -
>As soon as the prices are updated, the petrol bunks will update it on their LED hoardings. The prices will be effective immediately. Motorists entering in for fuel that time will be aware of the rate they are buying the fuel for.
>Motorists can avail prices from their retailers' mobile apps.
>They can also avail the prices from the retailers' websites. It will be available under the "Pump Locator" head.
>The prices will be available SMS as well. The customer has to send SMS RSP < SPACE > DEALER CODE to accordingly to the retailers' numbers. The dealer code of each petrol station will be displayed in the premises.
The specifics for the three major retailers is given below -A dynamic pricing mechanism will help in linking prices to cost with more precision, advocating for a transparent pricing mechanism.