With fuel prices set to be revised on a daily basis from June 16, the Indian Oil Corporation Limited’s (IOCL) released a mobile app to help customers keep a tab on the fluctuations. Customers can also receive the same information by sending an SMS, ‘RSP< SPACE >DEALER CODE’ to 9224992249, the Times of India reported. The dealer code of every petrol pump will be displayed on its premises.
“Customers would be able to fetch daily updated prices of petrol and diesel at all cities through Indian Oil’s mobile app Fuel@IOC. 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 was quoted as saying by TOI.
The proposal to revise prices every day in accordance with international crude prices was initiated by three state-run oil marketing companies, IOCL, Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
“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,” the country’s larger oil retailer added in a statement.
The dynamic pricing structure, a practice followed by many developed countries, will replace the current system of revising prices bimonthly. Pilot runs were carried out by the three state-run oil firms in five cities last month, Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam.
The Federation of All India Petroleum Traders (FAIPT), which claims to represent at least 54,000 fuel stations across the country, is protesting the move and will go on strike on June 16. In a statement, the organisation said, “Dealers of five cities where it was launched have already burnt their fingers. They are crying at the inventory loss that they have already suffered due the fluctuations in the daily changing prices on the inventory held by them.
“One tank lorry of 18 Kls lasts most of such small dealers 7 to 10 days. Any such decision shall wipe out his entire working capital if the prices were to go down frequently,” it added. The body is expected to meet ministry representatives today to discuss the proposal.”