Petrol pumps withdraw strike call over daily price revision

India to Meet Fuel Pump Owners Over Daily Price Change Impasse

This is the first time ever India is going to face this variation, although, state-run Indian Oil Corporation has asserted that it will ensure the best possible prices to customers.

State-run Indian oil Corp (IOC) on Tuesday sought to reassure private petroleum dealers on their concerns about inventory loss due to the daily revision of transport fuel prices to be implemented across the country from June 16, even as the Delhi Petrol Dealers Association said it will join the protest closure of pumps called by other associations for Friday.

International Olympic Committee chairman Sanjiv Singh, who on Tuesday held extended parleys with petrol pump dealers from several states, said nothing is being done to the detriment of petrol pump operators. "That is the only change", he had told PTI.

Federation of All India Petroleum Traders said 50% of petrol pumps sells on average 30 kilo litre of fuel per month.

Experts say that this daily revision of prices may cause problem for the dealers to manage their inventory. The Dealer Code of each petrol pump would be prominently displayed in the petrol pump premises. He added that there are numerous issues of petroleum dealers which need to be addressed before implementation of the dynamic pricing.Petroleum dealers want that there should be round the clock automation support from the OMC with response time of site visit within one hour.

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Currently, the fuel prices are reviewed by the oil companies every fortnight while taking global fuel prices and Rs-Dollar exchange rate into account. "And that can be at 7am in the morning", he said.

Oil minister Dharmendra Pradhan has said that the daily revision will start from the scheduled date. This now has to be done on a daily basis. Go to "Pump Locator" to check prices.

IOC, the nation's largest fuel retailer, said it will provide information on daily price revisions through various means, including LED screens at petrol pumps, toll-free number, social media posts, mobile apps as well as through SMS.

"This move will ensure that the benefit of even the smallest change in worldwide oil prices can be passed down the line to the dealers and the end-users", Indian Oil said in a statement here. This comes after the government agreeing to change the timing of price revision to 6 AM everyday instead of midnight. This entire system is based on automation of retail outlets so that prices change automatically at midnight. "Daily prices will change from 6 a.m.", Pradhan said. Retail Outlets operating during the night have already employed manpower. "Moreover, as the same is effective at 00.00 hrs midnight when the rush of customers is minimum, inconvenience caused to customers will also be minimised", the International Olympic Committee statement added.

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