- Advertisement -
Home Uncategorized ALL YOU NEED TO KNOW ABOUT THE DAILY FUEL PRICE REVISION

ALL YOU NEED TO KNOW ABOUT THE DAILY FUEL PRICE REVISION

19

ALL YOU NEED TO KNOW ABOUT THE DAILY FUEL PRICE REVISION

After a successful experiment in Chandigarh, Jamshedpur, Puducherry, Udaipur and Vizag which started from May 1 the daily fuel price revision will start nation wide from June 16. Here is all you need to know about the Daily fuel price revision.



Why is it happening?
Earlier fuel companies would change the fuel prices fortnightly i.e. 1 and 16 of every month as per the international fuel rates. But you must have noticed that sometimes the fuel prices remained same for more than 15 days even though the prices might have fallen in the international market. One of the reasons this happened was because of political influence. During election time the state government would not allow to change the fuel prices in fear of loosing votes. In order to compensate the fuel companies later on they would allow them to keep the fuel prices higher even when international prices went down. This initiative will ensure best possible prices to the customers, improve transparency in the pricing mechanism and help in checking any hoarding.

 

How would it affect you?
You must have noticed a sudden hike or fall in fuel prices overnight but now that wouldn’t happen and even the slightest change in the international fuel prices will be passed on to the customers. Kindly note that international fuel prices do not change widely on day to day basis.



How can you check fuel prices?
The Fuel prices will be changed everyday at 6 A.M and below are the ways you can know about the changes

Website- You can visit the Indian Oil website and find the fuel stations and prices.

Mobile App- The app is available under the name “Fuel@IOC – IndianOil” on both Android and iOS you and can check the prices here.

SMS- You can send a SMS in the below format to get the prices.

SMS RSP< SPACE >DEALER CODE to 92249-92249


Dealers are instructed to display their respective dealer code for the the ease of customers.

Apart from the above some fuel stations will be displaying the rates on LED screens and you can also check on social media for updates.


What if you have any grievances?

You can lodge your grievances regarding daily price revision on 1800-2333-555 an customer care helpline set up by Indian Oil or you can log in to the website iocl.com and go to ‘We’re Listening’ section to submit your grievance.






- Advertisement -

19 COMMENTS

  1. It is a good starting to think about it. But my suggestion is that you should tell us about oil prices and taxes separately. We want to know how much tax we are paying for the oil. All oil companies show losses in their balance sheet but governments get a huge amount though taxes. So please tell us both things separately

  2. HOw do a common man knows the rationale between international fuel price and the inc or dec by fuel organisation like our oil companird.
    Instead of reducing if oil company increases how a common man know.what is the control mechanism.any methodology.pl educate the common man to understand what the govt says on daily change in price.

  3. Dear team

    It was a nice explanation from your team

    But I’ve one question which I think many might have asked you earlier, when the international market price is too low compared to 2013 year as we know

    but as of now if we calculate roughly we get the petrol at 30 -33 INR INCLUDING CUSTOMS TAX but why we still get the petrol price for almost same rates as it was in the year 2013

    Is it only to balancing the GDP and to clear out the debit by get the higher tax

    Plz replay to this

  4. Whether there is a mechanism to check the stock status at petrol pumps. If the price is reduced how the loss of dealer is taken care of by the oil company? Dealers will manage with their lobby to get losses recovered.
    If there is an increase in the price whether the oil company gets the money from the dealer.
    If there is no mechanism to make adjustments for increase or decrease in a fair way and promptly it will lead to lot of frauds and corruption.

  5. Why the petroleum products prices are high compared to neighbouring countries, in general & International, in particular. They should be in line with the neighbours at least!

  6. I found an app which helps to get daily price update for your vehicle with awesome navigation.
    Use my referral code 3d41ba and earn 500 points. Invitation link goo.gl/M3uDwx
    – Happy fueling

  7. All vechile owner as per state wise sent every day sms of rate disel and petrol. Detail collect from motor vechile deptt

  8. International crude price is around USD50 per barrel now. India charges for petrol/diesel is ₹60/65 per litre, while all other countries charge (in INR terms) only around ₹30/- or ₹35/-. So India price of ₹60/65 is closer to a crude barrel price of USD100.

    In future if the crude price increases to USD100 per barrel, will the price of Petrol/diesel be ₹100/110 or there will be no increase? Like for all other products, the petrol/diesel bill should clearly mention charge for customs duty and GST separately.

  9. All this is good publicity to show that the government is “on the ball ” and ensuring that the final customer is not being overcharged by the dealer! However, how is the dealer going to be compensated when he has just refilled his tanks with say 30,000 Liters at a specific price, and the price is reduced the following day?
    Further and more importantly, how is the government going to compensate the consumers for continuing with retail prices of petroleum products fixed three years back when crude oil prices were over USD 100 per barrel as against the current USD 45 per barrel?

  10. The oil prices are reduced from $ 150 to $ 35 a barrel. But benefit is not passed on proportionately to the
    Customer. Oil companys and governament are deceiving the customer.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exit mobile version