Chandigarh Will Get Information Of Changed Prices Of Fuel With App and SMS

Neha Pathania — Mon, 01 May 2017 10:09:08 +0000

A dynamic fuel pricing pilot project that is going to launch from today will manage volatility in global crude oil prices. Prices of petrol and diesel will change daily from May 1. According to all india petroleum dealers Association President Ajay Bansal, this decision has taken by Petroleum Minster Dharmendra Pradhan during the meeting with the officials of three oil marketers – Indian Oil Corp, Bharart Petroleum and Hindustan Petroleum.

City set to have daily price change:

From today mid night prices of the petrol and diesel will be change on daily bases and this will be applicable at all petrol stations in Chandigarh. In city there are 41 petrol pump stations of IOC, BPCL and HPCL. No petrol pump outside the union territory will be affected by the change and the pricing there will be set according to the fortnightly procedure in Panchkula and Mohali.

How to get the latest cost information in the city

Petroleum retailers launched an SMS service and a mobile app for consumers to know about the latest cost of the petrol and diesel.
Customers will also be able to phone on IOC’s toll-free customer care number, 9224992249, for clarifications on the rates.
LED boards that are going to install outside petrol pumps will also display rates on daily basis.
A customer can obtain the revised rates by sending an SMS along with the retail outlet code (RO code) on the toll-free number, 9224992249.
Project in Chandigarh will be inaugurate in IOC’s Sector 33 petrol pump.

Benefits of this pilot project

This pilot project will firstly going to start in five states and prices of petrol and diesel will change everyday on the lines of global oil prices that change on a daily basis.
By changing prices on a daily basis the oil companies will be able to reduce the price risk arising out of fluctuations in crude as they can now realign the prices the moment the fuel leaves the refinery gates.

The post Chandigarh Will Get Information Of Changed Prices Of Fuel With App and SMS appeared first on Chandigarh Bytes.

Change In Petrol And Diesel Prices On A Daily Basis From May

Neha Pathania — Wed, 12 Apr 2017 12:37:58 +0000

Major companies are going to launch the pilot project to change in the Petrol and diesel prices on a daily basis. Oil companies that going to bring this dynamic model including Indian Oil Corp(IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL). Under this dynamic model of pricing, both companies and customers will be benefited and this is done by changing of petrol and diesel price according to global oil prices. Change in petrol and diesel prices on a daily basis done from may.

The dynamic model of pricing includes:

State fuel retailers currently revise rates on fortnight basis on dates 1st and 16th of every month. It is based on the currency exchange rate and on the average international price of the fuel in preceding fortnight.
Rates of Petrol and Diesel will be changed on the basis of daily movement in international oil prices instead of fortnightly average.
Major oil companies will start this project in five places and these places are Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and in Chandigarh.
After studying implications of the first pilot, oil companies extend it to the other parts of the country.
This change in petrol and diesel prices on a daily basis will benefits to both companies and customers because this will reduce the price risk arising out of fluctuations in crude.

Rates only differ by a few paise between pumps like Unbranded petrol at IOC pumps in Delhi costs Rs 66.29 per liter, at BPCL pumps in the city is priced at Rs 66.37 a liter and at HPCL pumps sell for Rs 66.48 per liter.

Chairman of IOC Mr. Ashok said that it is easy to change prices on a daily basis but firstly they will do a pilot in 5 decided places and then after studying implications they will extend it to the other parts. He also said Pilot to change in petrol and diesel prices on a daily basis is going to launched within the month. He has not told about any specific date, but sources said it could be launched on May 1.