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  Business   Companies  17 Jun 2017  Indian Oil rolls out daily price change at 26K petrol pumps

Indian Oil rolls out daily price change at 26K petrol pumps

Published : Jun 17, 2017, 12:15 pm IST
Updated : Jun 17, 2017, 12:15 pm IST

Petroleum Ministry tweeted: Proud to share India is first country to switch to dynamic fuel pricing.

Indian Oil is largest oil company.
 Indian Oil is largest oil company.

Mumbai: The Indian Oil Corporation on Friday successfully rolled out the daily revision of petrol and diesel prices across the country through its network of 26,000-plus petrol pumps.

The Indian Oil in a statement said, "The daily revision of petrol and diesel will set new standards of transparency, encourage automation drive of petrol pumps and better stock management practices. It is a win to all situations for consumers, industry as well as dealers."

Complimenting the Oil and Gas industry for this initiative, Minister of Petroleum and Natural Gas (Independent Charge) Dharmendra Pradhan tweeted, "Proud to share that India is the first country to switch to dynamic fuel pricing on such a large scale at one go."

However, the IOC statement also read that after the complete transformation of the Liquefied Petroleum Gas (LPG) sector, dynamic fuel pricing is the first major reform of recent times in Fuel Retailing Sector.

"With this historic step towards transparency and customer interest, the Indian Oil and Gas industry has joined the elite league of countries like USA and Australia wherein fuel prices are revised on a daily basis," the statement added.

Indian Oil is monitoring the daily price revision round-the-clock through 87 control rooms (at 70 Divisional Offices, 16 State Offices and one at its Marketing Head Office, Mumbai) to offer quick redressal of queries from the field. Indian Oil has accomplished 100 per cent Retail Sales Price (RSP) updation across its entire network of petrol pumps.

"The seamless implementation of Daily Pricing has been possible due to support from our dealer's fraternity," said Indian Oil Director (Marketing), B. S. Canth.

Since last one month, Indian Oil is regularly conducting awareness sessions with dealers on daily price revision.

The learning's from pilot implementation of daily price revision in five cities has also ensured closing of all the gaps in the existing system that ensured triumphant implementation of fuel price revision across the country.

For this yet another customer centric initiative, Indian Oil has developed various information modes for the customers to check the price being charged by the petrol pumps including the mobile app wherein the customers will be able to fetch daily updated prices of petrol and diesel at all cities through Indian Oil's mobile app Fuel@IOC.

It will also enable customers to cross-check the prices applicable in their cities by sending SMS on various dealer codes, including various other options.

Tags: daily change of petrol diesel prices, indian oil corporation, ioc, dynamic pricing formula
Location: India, Maharashtra, Mumbai (Bombay)