1. IOC launches control rooms to monitor daily price revisions

IOC launches control rooms to monitor daily price revisions

To enable a smooth transition to daily pricing mechanism of petrol and diesel, Indian Oil Corporation has set up 87 control rooms across the country to address concerns of its dealers.

By: | Guwahati | Published: June 15, 2017 6:50 PM
daily price revisions, daily pricing mechanism of petrol and diesel, Indian Oil Corporation, IOC launches control rooms, IOC control rooms, information systems, Indian Oil, international oil price and foreign exchange rate, international oil price, foreign exchange rate IOC claimed that the daily price revision is an initiative to ensure the best possible prices to the customers as well as improved transparency in the pricing mechanism. (Reuters)

To enable a smooth transition to daily pricing mechanism of petrol and diesel, Indian Oil Corporation has set up 87 control rooms across the country to address concerns of its dealers. “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. The control room cell at 70 Divisional Offices will be manned by technical, operations and retail sales officers of IOC, it added. At the company’s 16 state offices, the control room cell will be manned by information systems (IS), engineering and retail sales officers. “The apex cell at Marketing Head Office, Mumbai, will comprise officers from IS, pricing and retail groups.

These control rooms will operate round-the-clock till the system to establish an appropriate mechanism for daily price revision stabilises,” IOC said. In order to have smooth availability of fuel, Indian Oil said that through its 129 supply locations spread across the country, the company is ensuring that 90 per cent supplies reach the dealers’ fuel station within 24 hours. “This supply and distribution mechanism ensures that the impact of increasing or decreasing price trends on working capital is minimised,” the statement said. The company also said its nearly 450 sales areas have conducted dealer training workshops to ensure that customers do not face any pricing misinformation or glitches.

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Daily price revision, which follows successful pilot in five cities, is to be implemented from June 16, from when even the smallest change in international oil prices can be passed down to consumers. Till now, rates change on 1st and 16th of every month based on average international oil price and foreign exchange rate of the previous fortnight. IOC claimed that the daily price revision is an initiative to ensure the best possible prices to the customers as well as improved transparency in the pricing mechanism.

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