Monday , March 25 2019

OMCs: Price of Petrol and Diesel may change daily

Petrol and Diesel prices change daily

The Oil marketing Companies are planning to roll out the idea of fuel pricing daily for petrol and diesel.

The oil companies are planning to change the price of both Petrol and Diesel on daily basis depending on the prices of the International Market and current exchange rate.

New Delhi: Top executives told the media that the oil marketing companies Bharat Petroleum, Hindustan Petroleum and Indian Oil Corporation which control nearly 95% of the countries fuel retail market are planning to roll out the decision on changing the petrol and diesel prices daily.

Some of the oil company executives had talks with Oil Minister Dharmendra Pradhan and minister officials about the idea of daily fuel pricing.

A top executive says that the idea of fuel pricing daily was there and have the technology to implement it and will do it.

By the use of digital technologies and social networks, it would be easy for the companies to convey the price changes and there are nearly 53, 000 filling stations across the country. In the earlier, it would be difficult to the dealers to know about the price changes and used to wait for the Phone calls, messages from the companies which caused inconvenience to the suppliers.

“Daily price changes of both the products is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase,” said the executive.

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The idea of fuel pricing daily just changes the price of the petrol and diesel by few paisa every day, it will not create any shock to the customers. This is also helpful for the companies to hike the prices without worrying about the Political backlash.

At present, state companies review prices at the end of every fortnight and increase or reduce them depending on the prices in the International market and current exchange rate.

However, the Oil marketing Companies had cut the diesel price by Rs 2.91 a litre and petrol prices by Rs 3.77 per litre due to decline in the global crude oil prices.

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