Petrol price slashed by Rs 1.12/lt, diesel by Rs

Petrol price slashed by Rs 1.12/lt, diesel by Rs

“Instead of changing rates at midnight, it has been decided that prices should change before the start of business”. After a meeting with dealers, Pradhan told the media that the dealer associations have assured cooperation in the roll-out of the daily price revision of diesel and petrol prices starting June 16 pan-India as planned earlier. The customers can also alternatively check the prices in their cities by sending SMS RSP SPACE DEALER CODE to 92249-92249. The site also has a list of petrol and diesel prices for all the state capitals which will be applicable from 6 AM on Friday, June 16.

The country’s largest fuel retailer, the Indian Oil Corporation (IOC), has assured that 90% of the supplies will reach dealers within 24 hours. Some petrol dealers had threatened a strike over the dynamic pricing formula but have withdrawn their stir. “They are crying at the inventory loss that they have already suffered due to the fluctuations in the daily changing prices”, FAIPT said in a statement.

“On the same lines, International Olympic Committee intends to start revising retail selling prices of petrol and diesel across the country on a daily basis with effect from June 16”. The benefit of even the smallest change in global oil prices can be passed down the line to the dealers and the end-users. The changes will be effective from midnight.

Customers would be able to fetch daily updated prices of petrol and diesel at all the cities through IOC’s mobile app Fuel@IOC. It, however, has now been agreed that price changes will be reflected every morning at 6am, a time when the rush at retail outlets is relatively low. The diesel price in Delhi has been listed as Rs 55.94. This means the delivery of petroleum products would be administered by an automated system right from the depot to tankers to the delivery point at the petrol pumps, Lath added.

Federation of All India Traders Association, an umbrella organisation of petrol pump dealers, was behind the call for the strike. These continued on their downward spiral following the OPEC cartel’s decision last month to extend output cuts.