Petrol, diesel rates to be revised daily from June 16

Ivan Schwartz
June 14, 2017

Daily price revision, which follows successful pilot in five cities, is to be implemented from June 16, from when even the smallest change in worldwide oil prices can be passed down to consumers. The association office bearers said that the union petroleum ministry had decided on June 5 that in case of failure of automation machine if any dealer is found manually operating the fuel pump machine, the oil company would fine him with Rs 5 lakh apart from stopping fuel supply to him for 60 days.The members are also of the view that with the inflation and less margin, such initiatives will increase operating cost of petrl pumps and business will become unviable.

Indian Oil had said, the three oil manufacturing companies will "establish an appropriate mechanism" to convey the prices to consumers every day.

"We are not saying that all petrol pumps have to change the price determined at midnight every day".

Indian Oil Corporation (IOC) - Download the Fuel@IOC App and locate the petrol pump to verify prices.

Fuel-station owners will seek a delay in implementation of daily revision until all pumps are automated, Shinde said.

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IOCL also said it would train dealers at petrol pumps to ensure that customers do not face any pricing misinformation or glitches.

Although daily price revision is effective from midnight, thanks to the advent of technology, the dealer is not required to be present at the retail outlet every day to change the price after 00.00 hrs at midnight, International Olympic Committee said in a separate statement. "This can be set to automatically come into effect at midnight at the automated ROs (Retail Outlets), without manual intervention", it said.

"Customers would be able to fetch daily updated prices of petrol and diesel at all cities through Indian Oil's mobile app [email protected] Alternatively, customers may cross-check the prices applicable in their cities by sending SMS RSP SPACE DEALER CODE to 92249-92249". It has claimed that there will bell be "no purchase no sale" of petrol and diesel on June 16. "Dealers of five cities where it was launched have already burnt their fingers".

"The fear of dealers about inventory loss is unwarranted as the change of prices will happen both upwards as well as downwards, and thus both gain and loss would compensate each other. Any such decision shall wipe out his entire working capital if the prices were to go down frequently", it said.

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