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Daily revision of fuel prices will benefit all: Indian Oil

Press Trust of India  |  Hyderabad 

Daily revision of petrol and diesel prices, starting from Friday, at petrol pumps is a market driven process which will benefit everyone in the value chain, an Indian executive said here today.

Last week, the marketing companies (OMCs) announced a daily revision of fuel prices starting June 16, saying that the price revision will reflect changes in international prices.



"It is a major step towards making the pricing system completely transparent. The system is in line with the international practices and is followed in all advanced economies," stated Rahul Bharadwaj, Executive Director, Indian (and Andhra Pradesh).

He said this measure will benefit everyone in the value chain as there are no sudden spikes in Retail Selling Price (RSP).

"The final consumer, the dealer and the companies- everyone is protected against wide price fluctuations through daily price change,' Bharadwaj said in a statement.

The decision to revise the fuel prices daily followed successful implementation of a pilot project in five cities.

DV Ramana Rao, General Manager (Retail Sales), and State Office, said the IOC was able to implement the pilot exercise of daily pricing in Visakhapatnam without any difficulty with positive response from dealers and customers.

"With daily pricing, there are no spikes in prices and storage terminals are now able to plan their inventory and ensure smooth supplies," Rama Rao said.

Meanwhile, a Visakhapatnam-based Indian dealer Ravi Baid said he was extremely happy with daily pricing as there is not much variation in prices.

Incidentally, petrol pump owners who had announced strike over daily revision of petrol and diesel prices from Friday today called it off after the government agreed to change the timing to 6 am everyday instead of midnight.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Daily revision of fuel prices will benefit all: Indian Oil

Daily revision of petrol and diesel prices, starting from Friday, at petrol pumps is a market driven process which will benefit everyone in the value chain, an Indian Oil executive said here today. Last week, the oil marketing companies (OMCs) announced a daily revision of fuel prices starting June 16, saying that the price revision will reflect changes in international oil prices. "It is a major step towards making the pricing system completely transparent. The system is in line with the international practices and is followed in all advanced economies," stated Rahul Bharadwaj, Executive Director, Indian Oil (Telangana and Andhra Pradesh). He said this measure will benefit everyone in the value chain as there are no sudden spikes in Retail Selling Price (RSP). "The final consumer, the dealer and the oil companies- everyone is protected against wide price fluctuations through daily price change,' Bharadwaj said in a statement. The decision to revise the fuel prices daily followed ... Daily revision of petrol and diesel prices, starting from Friday, at petrol pumps is a market driven process which will benefit everyone in the value chain, an Indian executive said here today.

Last week, the marketing companies (OMCs) announced a daily revision of fuel prices starting June 16, saying that the price revision will reflect changes in international prices.

"It is a major step towards making the pricing system completely transparent. The system is in line with the international practices and is followed in all advanced economies," stated Rahul Bharadwaj, Executive Director, Indian (and Andhra Pradesh).

He said this measure will benefit everyone in the value chain as there are no sudden spikes in Retail Selling Price (RSP).

"The final consumer, the dealer and the companies- everyone is protected against wide price fluctuations through daily price change,' Bharadwaj said in a statement.

The decision to revise the fuel prices daily followed successful implementation of a pilot project in five cities.

DV Ramana Rao, General Manager (Retail Sales), and State Office, said the IOC was able to implement the pilot exercise of daily pricing in Visakhapatnam without any difficulty with positive response from dealers and customers.

"With daily pricing, there are no spikes in prices and storage terminals are now able to plan their inventory and ensure smooth supplies," Rama Rao said.

Meanwhile, a Visakhapatnam-based Indian dealer Ravi Baid said he was extremely happy with daily pricing as there is not much variation in prices.

Incidentally, petrol pump owners who had announced strike over daily revision of petrol and diesel prices from Friday today called it off after the government agreed to change the timing to 6 am everyday instead of midnight.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Daily revision of fuel prices will benefit all: Indian Oil

Daily revision of petrol and diesel prices, starting from Friday, at petrol pumps is a market driven process which will benefit everyone in the value chain, an Indian executive said here today.

Last week, the marketing companies (OMCs) announced a daily revision of fuel prices starting June 16, saying that the price revision will reflect changes in international prices.

"It is a major step towards making the pricing system completely transparent. The system is in line with the international practices and is followed in all advanced economies," stated Rahul Bharadwaj, Executive Director, Indian (and Andhra Pradesh).

He said this measure will benefit everyone in the value chain as there are no sudden spikes in Retail Selling Price (RSP).

"The final consumer, the dealer and the companies- everyone is protected against wide price fluctuations through daily price change,' Bharadwaj said in a statement.

The decision to revise the fuel prices daily followed successful implementation of a pilot project in five cities.

DV Ramana Rao, General Manager (Retail Sales), and State Office, said the IOC was able to implement the pilot exercise of daily pricing in Visakhapatnam without any difficulty with positive response from dealers and customers.

"With daily pricing, there are no spikes in prices and storage terminals are now able to plan their inventory and ensure smooth supplies," Rama Rao said.

Meanwhile, a Visakhapatnam-based Indian dealer Ravi Baid said he was extremely happy with daily pricing as there is not much variation in prices.

Incidentally, petrol pump owners who had announced strike over daily revision of petrol and diesel prices from Friday today called it off after the government agreed to change the timing to 6 am everyday instead of midnight.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22