Thursday, 24 January, 2019

Petrol pump dealers call off June 16 strike

IOC seeks to allay petrol dealers fears of loss from dynamic pricing Petrol pump dealers call off June 16 strike
Kristopher Love | 27 June, 2017, 07:57

Oil marketing companies revise petrol and diesel rates every fortnight based on global oil price and foreign exchange rates.

A last-minute decision to call off the strike by petrol pump owners paved the way for daily revision of fuel prices from Friday at 6 am. The strike call was given against the ministry's move of implementation of daily change of petrol and diesel prices from June 16.

"The trial runs have also helped in ensuring dealer data correctness - viz mobile number and e-mail ids".

The Delhi dealers' body said the automation system installed by oil companies at most of the pumps in the capital are "not supporting the automatic price change in the dispensing machine".

The decrease in price, comes on the back of am Rs 1.23 per litre hike in petrol price and Rs. 0.89 a litre hike in diesel prices effected on May 16.

Oil companies made the announcement in the evening today and the change in price will be effective from June 16. "The system is in line with the worldwide practices and is followed in all advanced economies", stated Rahul Bharadwaj, Executive Director, Indian Oil (Telangana and Andhra Pradesh). The announcement followed a pilot in five cities - Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam -which was started on May 1, 2017. However, there would have been no such issue at the functional automated retail outlets as the price can be reset remotely by an OMC and inventory sold can be calculated. "Besides, technology also provides for scheduling the price change at midnight", it said.

The daily prices will be displayed at petrol pumps and customers get the rates via SMS and IOCL's app.

"At a large number of Indian Oil's 10,000 automated fuel stations, daily price can be automatically updated centrally".