Petrol price rose for the first time today ever since daily retail fuel price revision was implemented nationwide on June 16, after falling or remaining unchanged for 12 days in a row. However, the quantum of hike is such that many would not even bat an eyelid over it.
State-run Indian Oil Corp raised the price of petrol in Kolkata and Chennai rose by exact 1 paisa per litre including state taxes and levies for sale from 6 am today (Wednesday, June 28) to 6 am on Thursday. Petrol price in Mumbai and Delhi was unchanged for today.
With the revision, petrol is selling for Rs 66.45 per litre in Kolkata, Rs 65.90 per litre in Chennai, Rs 63.46 in Delhi, and Rs 74.71 in Mumbai today. Yesterday, diesel price was raised for first time since daily price revision, and again, by 1 paisa per litre in one metro city — Mumbai.
Before today, in the first 12 days that the dynamic pricing has been in practice in India now, retail fuel prices either fell on most days, or remained unchanged on the other days. The price of petrol has fallen by Rs 3.45 per litre in Delhi in 13 days, beginning with the biggest cut of Rs 1.43 per litre (including state taxes and levies) June 16 itself, when petrol price was reduced by after a gap of 15 days, as was the existing practice.
Similarly, price of diesel has fallen by Rs 2.41 per litre in 13 days, including a cut of Rs 1.45 per litre (including state taxes and levies) on June 16 itself. Diesel is being retailed for Rs 53.53 per litre in Delhi today. Meanwhile, the price of Indian basket of crude oil for Tuesday, June 27, rose to $45.42 per barrel from $44.28 registered on the previous day.
New pricing mechanism
The three state-run oil marketing companies Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp began daily revision of retail prices of petrol and diesel all across the country with effect from June 16, in a move that would ensure that the benefit of even the smallest of changes in the international oil prices is passed on to dealers and consumers.
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, since the new practice would ensure that no party — including the oil marketing companies — loses out for an entire fortnight in the event of a sharp fluctuation in crude oil prices.
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.