IndianOil rolls out daily revision of Petrol and Diesel Prices

IndianOil rolls out daily revision of Petrol and Diesel Prices

IndianOil rolls out daily revision of Petrol and Diesel Prices

India now joins countries such as the U.S. and Australia where diesel and petrol prices move in tandem with the price of crude oil.

All three public oil companies-Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum-are ready to launch the daily fuel price change from Friday.

Fluctuations may not be huge: Many consumers must be anxious about huge change in fuel prices, but this may not be the case unless worldwide fuel prices see a big change. Petroleum Minister's comment comes a day after the government implemented the revision of petrol and diesel prices on a daily basis. Every petrol pump will also have its dealer's code prominently displayed so that consumers can verify the prices through SMS. Technical, operations and retail sales officers will be manning the control room cell which will be located in 70 Divisional Offices of the Indian Oil Corporation. S Jeyakrishnan and Team Retail had interacted with Dealers across the Country thru Video Conference on the issues concerning implementation of daily price change mechanism so as to ensure smooth rollout.

Anees said daily revision hurts the dealers when fuel prices go down.

International Olympic Committee said it has successfully rolled out daily price revision mechanism for the two main transportation fuels across its network of 26,000-plus pumps.

This initiative of daily revision of petrol prices was first started in Chandigarh, Puducherry, Udaipur, Jamshedpur and Visakhapatnam as a pilot project.

"The current level of global product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision", the statement said.

Updated rates are available on the Indian Oil website.

Consumers need to send an SMS to fetch the current rates applicable at a dealer.

Asenior BPCL official said, "Apart from daily checks, the price change can also be verified at a later date".

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