New Delhi: Starting Friday, petrol and diesel prices will be revised daily in sync with any movement in international oil rates. Rates will change at 6 am every day depending on movement in cost on the previous day.
Dynamic fuel pricing, or daily revision of retail selling prices (RSP), has already been implemented on a pilot basis in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh and Puducherry from May 1.
Here’s all you need to know about dynamic fuel pricing:
How to Check the Fuel Price Movement
- Mobile App: Customers can download Indian Oils app Fuel@IOC to keep a track of the updated daily petrol prices in all cities
- SMS: The updated fuel prices will also be available on SMS. Customers can send a message — RSP< SPACE >DEALER CODE TO 9224992249. The dealer code of each petrol pump is displayed at the fuel station.
- Webpage: Customers can also check the daily revision in fuel prices using RO Locator. The link is available through IOC’s official website.
Daily pricing or dynamic pricing is followed in several developed countries. The move is expected to allow oil companies to be in sync with international oil prices. It may also help oil marketing companies to negotiate the fluctuations in international pricing.
With the move, consumers are less likely to feel the pinch of a big jump that fortnightly changes bring. It is also expected to help check hoarding and consumers may get the benefits of an international cut sooner. Oil marketing companies would also not have to bother about political repercussions of price hikes.
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