Petrol and diesel prices in metro cities fell for fifth day in a row today despite a marginal rise in crude oil prices, after daily retail fuel price revision was implemented nationwide on June 16. State-run Indian Oil Corp cut the price of petrol in Delhi by 10 paise per litre including state taxes and levies, and that of diesel by 5 paise per litre for sale from 6 am today (Tuesday) till 6 am tomorrow (Wednesday).
With the latest revision, petrol will sell for Rs 64.55 per litre in Delhi, while Diesel will be retailed for Rs 53.96 per litre in the capital for the day (June 20-21). The fall in daily retail fuel price follows a marginal rise in the price of the Indian basket of crude oil, which rose to $45.94 per barrel on June 16 — the last trading day — from $45.6 on June 15.
Before today too, the prices of petrol and diesel in metro cities were cut for four straight days after the implementation of daily price revision mechanism on June 16. In the five preceding days, the price of petrol has fallen by Rs 2.36 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 fell by Rs 0.25, Rs 0.32, and Rs 0.26 per litre respectively. Similarly, the price of diesel has fallen by Rs 1.98 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.
(Originally published on Monday, June 19, 2017 on www.financialexpress.com)