1. Daily revision of fuel prices will benefit all: Indian Oil

Daily revision of fuel prices will benefit all: Indian Oil

Daily revision of petrol and diesel prices, starting from Friday, at petrol pumps is a market driven process which will benefit everyone in the value chain, an Indian Oil executive said here today.

By: | Hyderabad | Published: June 14, 2017 11:27 PM
Indian oil, IOC, revision of petrol, petrol pumps, oil market, Oil dealer, DV Ramana Rao, Retail Sales, retail sale of market “With daily pricing, there are no spikes in prices and storage terminals are now able to plan their inventory and ensure smooth supplies,” Rama Rao said. (Reuters)

Daily revision of petrol and diesel prices, starting from Friday, at petrol pumps is a market driven process which will benefit everyone in the value chain, an Indian Oil executive said here today. Last week, the oil marketing companies (OMCs) announced a daily revision of fuel prices starting June 16, saying that the price revision will reflect changes in international oil prices. “It is a major step towards making the pricing system completely transparent. The system is in line with the international practices and is followed in all advanced economies,” stated Rahul Bharadwaj, Executive Director, Indian Oil (Telangana and Andhra Pradesh). He said this measure will benefit everyone in the value chain as there are no sudden spikes in Retail Selling Price (RSP).

“The final consumer, the dealer and the oil companies- everyone is protected against wide price fluctuations through daily price change,’ Bharadwaj said in a statement. The decision to revise the fuel prices daily followed successful implementation of a pilot project in five cities. DV Ramana Rao, General Manager (Retail Sales), Telangana and Andhra Pradesh State Office, said the IOC was able to implement the pilot exercise of daily pricing in Visakhapatnam without any difficulty with a positive response from dealers and customers. “With daily pricing, there are no spikes in prices and storage terminals are now able to plan their inventory and ensure smooth supplies,” Rama Rao said.

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Meanwhile, a Visakhapatnam-based Indian Oil Dealer Ravi Baid said he was extremely happy with daily pricing as there is not much variation in prices. Incidentally, petrol pump owners who had announced strike over the daily revision of petrol and diesel prices from Friday today called it off after the government agreed to change the timing to 6 am everyday instead of midnight.

  1. Jayasankar
    Jun 15, 2017 at 11:05 am
    Govt should sell of the Oil companies. Govt should not be a trading firm. ALL PSU oil companies are Corrupt.. Huge profits past 6 years . Retd employees given Gold coin every year. why. Now time to offload 60 of Oil companies share . Higher officials are highly corrupt.. daily price revision will not have much gain for People in India.
    Reply

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