Petrol, diesel price will be revised at 6 a.m. every day from Friday

From June 16, petrol and diesel prices will be revised every morning. The prices till now were being revised fortnightly at midnight.

Briefing reporters after a meeting with pump dealers association, Minister of State (Independent Charge) for Petroleum & Natural Gas, Dharmendra Pradhan said, “There were some concerns of dealer associations with regard to the daily pricing mechanism. It was decided that the price of petrol and diesel will be revised from 6 a.m. every day.”

Petrol pump dealers, who had called for a ‘No purchase, no sale’ stir on June 16 to protest against the decision of public sector oil marketing companies to implement a daily revision of prices, have now called off their stir.

The dealers allege that there are only 10,000 out of 56,000 retail outlets where prices can be changed automatically. For the remaining outlets, the price change had to be implemented manually at midnight, every night.

All India Petroleum Dealers Association Chairman, Prabhakar Reddy said, “We are in favour of the initiatives to increase penetration of automated outlets and support the move to implement a daily pricing of fuel.”

The decision to roll out a nationwide dynamic pricing regime was taken after a successful pilot project in five cities — Puducherry, Visakhapatnam, Chandigarh, Jamshedpur and Udaipur.

In an official statement, Indian Oil said that it will be setting up 87 control rooms across the country for addressing the technical glitches and system issues that may be arising at the dealers’ end.

These control rooms will operate round the clock till the system to establish an appropriate mechanism for Daily Price Revision stabilises.