From June 16, petrol and diesel prices across the country will be revised on a daily basis.
“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 ” IOCL , the country’s largest oil retailer said .
The daily prices will be displayed at petrol pumps and customers get the rates via SMS and IOCL’s app.
“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. The Dealer Code of each petrol pump would be prominently displayed in the petrol pump premises,” IOCL said.
The company ensures that the customers do not face any pricing misinformation.
“All the 26,000 plus Indian Oil dealers will be given timely information on the effective prices at a pre-designated time – say 20:00 hrs for the next day. This can be set to automatically come into effect at midnight at the automated ROs (Retail Outlets), without manual intervention,” it said.
Earlier this week 54,000 fuel stations, said ‘no purchase no sale ‘ of petrol on June 16 protesting against government decision.
Federation of All India Petroleum Traders said 50% of petrol pumps sells on average 30 kilo litre of fuel per month.
The trader body is due to meet oil companies and ministry representatives on Tuesday to find out resolution.
Oil marketing companies revise petrol and diesel rates every fortnight based on global oil price and foreign exchange rates.