From today onwards, petrol and diesel prices will change on a day to day basis in sync with changes in the global prices of international oil. The rates will be changed at 6 am on the basis of the changes in the cost of internal oil on the previous day. The daily revision of retail selling prices (RSP), or the dynamic fuel pricing, began in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh and Puducherry on May 1 as part of the pilot phase.
In order to facilitate a smooth transition to dynamic pricing, the Indian Oil Corporation has set up 87 control rooms across the country to address concerns of its dealers. 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.
“Come June 15, Indian Oil will be setting up 87 control rooms pan-India for addressing technical glitches or system issues that may be arising at the dealer’s end,” the PSU oil retailer said in a statement.
Here’s how you can track the daily changing prices:
– Mobile App: You can download Indian Oils app Fuel@IOC to track the daily petrol prices in all cities
– SMS: You can also check the prices by sending an SMS – RSP< SPACE >DEALER CODE TO 9224992249. Every petrol pump has a dealer code which is displayed at the fuel stations.
– Webpage: The change in prices can also be tracked through Retail Outlet Locator on IOC’s official website.
To ensure that there is a smooth availability of fuel, Indian Oil is ensuring that 90 per cent supplies reach the dealers’ fuel station within 24 hours through its 129 supply locations spread across the country. “This supply and distribution mechanism ensures that the impact of increasing or decreasing price trends on working capital is minimised,” the statement said.
After the daily price revision comes into effect from June 16, even the smallest change in international oil prices will be passed down to consumers. Till now, the rates used to be changed on the 1st and 16th of every month on the basis of the average international oil price and the foreign exchange rate of the previous fortnight.
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