Oil firms to ensure smooth daily fuel price change
State-run oil marketing companies (OMCs) have set up a system for the smooth rollout of the daily revision of transport fuel prices across the country, the biggest OMC Indian Oil Corp (IOC) said on Sunday, even as a petrol pump dealers’ body threatened to go on strike against dynamic fuel pricing.
By : migrator
Update: 2017-06-11 21:18 GMT
New Delhi
Petrol and diesel prices will be revised daily from June 16 by the three OMCs in sync with global crude oil prices. Daily revision of Retail Selling Prices (RSP) has already been implemented on a pilot basis in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh and Puducherry from May 1.
After the success of the experiment, IOC, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd have now decided to implement it across the country.
“This move will ensure that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end users,” Indian Oil said in a statement.
Currently, oil marketing companies review and revise retail fuel prices after every fortnight on the basis of global crude oil prices. Meanwhile, the Federation of All India Petroleum Traders (FAIPT) has, in a statement, said there will be “no purchase no sale” of petrol and diesel on June 16 to protest the decision.
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