From May 1, fuel rates to change daily in Chandigarh
From a 15-day cycle, Chandigarh moves on to a daily cycle of rates; all state-owned oil firms part of projectUpdated: May 08, 2017 07:13 IST
From May 1, fuel rates will be revised daily, in sync with international market rates. Rates will be displayed at LEDs and posters on every petrol pump. Usually, rates are revised after 15 days (1st and 16th of every month), based on international crude price and currency exchange rates.
This is pilot project of the Indian Oil Corporation (IOC), the Bharat Petroleum Corporation Limited (BPCL) and the Hindustan Petroleum Corporation Limited (HPCL), the companies that own over 90% of petrol pumps in the country.
Under the project, rates will be revised daily in five cities — Chandigarh, Puducherry, Vizag, Udaipur and Jamshedpur.
“In Chandigarh, the pilot project will be started in 41 petrol pumps of IOC, BPCL, HPCL from May 1 onwards. The rates will be conveyed by oil companies to dealers at around 8pm and from 12am (midnight) rates will be revised,” said an official from one of the oil companies.
“There will be LED screens at the entrance of petrol pumps and posters at the entry and exit points. They will display revised rates. Timings of the petrol pump (Retail outlet - RO), its code, extra facilities available at the outlet,” said an official from the IOC.
IOC has also launched a mobile app ‘fuel@ioc’ and a customer care number- 9224992249.
Those who want to know the rates can also get it on their phone via message; all they need to do is type RSP and the six digit code of a retail outlet near them.
“Normally rates are revised after a fortnight. Under the new system, rates will be updated daily. In case, there is a dip in fuel price in the international market, it will be implemented in Chandigarh the same day. Chandigarh residents need not wait for 15 days,” an official said.
“On a daily basis, rates will increase or decrease by few paise per litre, it won’t make much difference. It will be hardly 5-10 paise,” he said, adding that wide variations in rates will go.
Amanpreet Singh, secretary, Chandigarh Petroleum Association, said, “All petrol pump dealers have been informed that fuel rates of three state-owned fuel retailers – IOC, HPCL and BPCL will not vary.”
“I have already installed an LED and posters at the petrol pump in sector 28. People will benefit as they will get petrol at international market price.”
First Published: Apr 30, 2017 11:11 IST