The prices of petrol and diesel will change on a daily basis from Friday (16 June). The daily price revision follows successful pilot in five cities.
The pricing system is aimed at capturing even the smallest change in international oil prices and passing it on to consumers, according to the oil ministry.
Until now, rates have been changing on the 1st and 16th of every month based on average international oil price and foreign exchange rate of the previous fortnight.
According to Sanjiv Singh, chairman, Indian Oil, the nation's largest fuel retailer, whatever the pump operators were doing at 15-day frequency, they will be required to do daily.
The company has also cut prices of petrol by Rs 1.12 per litre and that of diesel by Rs 1.24 litre (excluding state levies).
— Indian Oil Corp Ltd (@IndianOilcl) June 15, 2017
Here's how what changes for consumers and what they should do:
First of all, the new prices will become effective 6 am every day. Earlier, the decision was to change them at midnight. The oil companies were forced to change this after pump owners threatened to protest and go for a strike. The reason for their grudge was that the companies have not put in place automatic systems to change the price and so it required manual deployment.
Currently, only 20 percent of the petrol pumps are automated.
What this also.means is that consumers have to be doubly careful since there are chances of errors.
However, oil companies will provide information on daily price revisions through various means.
These include LED screens at petrol pumps, toll-free number, social media posts, mobile apps as well as through SMS.
Prices via SMS
For Indian Oil, customers can verify fuel prices by sending SMS: RSP< SPACE >DEALER CODE to 9224992249.
For Bharat Petroleum, you can send the same SMS in the same pattern to 9223112222.
For Hindustan Petroleum, the customer can SMS HPPRICEDEALERCODE to 9222201122.
HPCL dealers should SMS “PRICES” from their registered mobile to HPCLSMS Gateway (9222201122) for RSP assistance.
Price via app
The companies also have developed apps to help consumers. Indian Oil's app is Fuel@IOC and BPCL's SmartDrive. HP has an app too.
Log on to site
Consumers can also log on to the website www.iocl.com, and go to the link “Locate your nearest IndianOil Petrol Pump and view prices.
HP and BP websites too have such links on their sites.
Customers of HPCL can call on 1800-226-550 (toll free) to get the prices.
Updated Date: Jun 16, 2017 13:03 PM