The prices of petrol and diesel in metro cities has been cut for four straight days after the implementation of daily price revision mechanism on June 16. With the latest revision, petrol is now selling for Rs 64.65 per litre in Delhi today, while diesel is being retailed for Rs 54.01 per litre in the capital.
In four days, the price of petrol has fallen by Rs 2.26 per litre in Delhi. The biggest cut of the lot was on June 16 itself, when the price was reduced by Rs 1.43 per litre (including state taxes and levies) after a gap of 15 days, as was the existing practice. In the following three days, the price of petrol has fallen by Rs 0.25, Rs 0.32, and Rs 0.26 per litre respectively. Similarly, the price of diesel has fallen by Rs 1.93 per litre in four days, beginning with a cut of Rs 1.45 per litre (including state taxes and levies) on June 16 itself.
New pricing mechanism
The three state-run oil marketing companies Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp have begun daily revision of retail prices of petrol and diesel all across the country with effect from June 16.
The roll out of daily price revision mechanism nationwide comes close on the heels of a pilot project to review petrol and diesel prices on a daily basis in five cities from May 1. This is a departure from the existing practice of review in the prices of petrol and diesel every fortnight, and is a leap further towards true deregulation.
With daily revision however, chances of major changes in the prices are very low, and the rise or cut would mostly be in few paise, of course depending on the movement in the crude oil prices. Albeit, to add to the confusion for consumers, the prices may vary from town-to-town or even from dealer-to-dealer, though again, by just a few paise.
How to check daily price
Oil marketing companies have introduced several methods for consumers to check the day’s fuel price at a particular retail outlet, which will be effective from 6 am that day. Consumers can check the prices through SMS alerts, oil companies’ mobile apps, websites and toll-free phone numbers.
Customers could type RSP<SPACE>DEALER CODE, and send to 9224992249 for Indian Oil; 9223112222 for Bharat Petroleum; and 9222201122 for Hindustan Petroleum. Outlet-wise price information will also be available on the companies’ websites, and mobile apps, namely Fuel@IOC, SmartDrive (BPCL), and My HPCL.