With petrol and diesel prices set to change on a daily basis across the entire country from 16 June, oil companies have made provisions for consumers to check the revised rate of fuels through various methods, such as LED screens at petrol pumps, toll-free number, social media posts, price revision alert on app as well as SMS facility.
The state-run oil marketing company Indian Oil Corporation Ltd., (IOC) said that for the convenience of customers, every petrol pump will now have its dealer’s code prominently displayed, to allow consumers to verify prices through SMS. IOC added that consumers would be able to see updated prices of petrol and diesel in all cities through the company’s mobile app — Fuel@IOC — once the daily price revision kicks in from Friday.
“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.
However, the Federation of All India Petroleum Traders (FAIPT), which claims to represent at least 54,000 fuel stations across the country, is protesting the daily revision in fuel prices and will stop selling and purchasing fuel for a day on 16 June, and if the government does not address their concerns, will continue with the ‘no sale- no purchase’ policy indefinitely from 24 June onwards.
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“One tank lorry of 18 Kls (Kilo Litres) 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,” FAIPT said in a statement. “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,” it added.
“The fear of dealers about inventory loss is unwarranted as the change of prices will happen both upwards as well as downwards, and thus both gain and loss would compensate each other. The pilot has been successful in the 5 cities where the price change has been implemented smoothly. Prices are communicated to dealers by 4 modes (customised SMSs, e-mails, mobile app & web portal for dealers). These means of communication are also available to dealers of automated petrol pumps,” IOC said on the concerns raised by FAIPT.