Petrol pump owners who had announced strike over daily revision of petrol and diesel prices called it off.
Why Petrol pump owners announced strike ?
Actually,they are demanding to change the timing of daily revised rate to 6am instead of midnight.
Now,you will think,What is this dynamic fuel pricing ?
Prior, To the 16th June,the revisions of the price of petrol and diesel happened on the 1st and 16th of every month. This revision was based on International Oil prices in the preceding fortnight and the currency exchange rate. But,now,under the dynamic fuel pricing rates of petrol and diesel revised daily. This revision is determined by the movement of crude oil price but also by rupee/dollar exchange rate and demand -supply situation in the market.
This move is an extension of the pilot project of the same model that was implement in five cities including Chandigarh,Jamesdhpur,Puducherry and Vishakhapattanam.
So,Now What will change ? How will customers access to daily-revised change ?
Before,this,customers had to face high rise in oil prices.But,As now daily revision of fuel prices will create minuscule impact on the pockets of consumers.Adding to this , now customers will get the benefits of an international cut sooner.
More importantly,Daily fluctuations of oil prices may also effect the price of daily items such as fruits and vegetables.
Customers can access to the price of fuel through the mobile app Fuel@IOC.Alternatively, they can also avail the prices by sending an SMS -RSP<SPACE>DEALERCODE to 9224992249.
In petrol pump to help customers keep track of the price change, the retailers will immediately make it available to customers. As soon as the prices are updated, the automated petrol bunks will update it on their LED hoardings.