Consumer unlikely to benefit
“Revision of petrol prices on a daily basis is unlikely to benefit consumer as the price fluctuation every day may be in the range of 15 to 25 paise,” according to petroleum traders and dealers.
Vijayawada: “Revision of petrol prices on a daily basis is unlikely to benefit consumer as the price fluctuation every day may be in the range of 15 to 25 paise,” according to petroleum traders and dealers.
Addressing a press conference here on Saturday, Consortium of Indian Petroleum Dealers (CIPD) honorary general secretary M Narayana Prasad and Andhra Pradesh Federation of Petroleum Traders (APFPT) president Raavi Gopala Krishna and vice-president P Srinivas said manual changing of prices on a daily basis was difficult to practice.
They wanted the introduction of automation process in pricing system. Chief general manager (corporate communications) of Indian Oil Corporation Ltd (IOC) recently stated that public sector Oil Marketing Companies (OMCs) namely IOC, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited had implemented daily revision on retail selling prices (RSP) of petrol and diesel on a pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam with effect from May 1.
After its successful implementation, public sector OMCs have decided to start daily revision in RSP of petrol and diesel across the country with effect from June 16.
The CGM of IOC had further stated that daily revision will make the retail prices more reflective of the current market conditions, minimising the volatility in the RSP of petrol and diesel. Referring to this, the CIPD wrote to RK Panda, GM Sales Coordination (retail) stating that the retail outlet dealers need some helping tools to make the proposed system easier and
match international standards such as awareness to dealer staff and customers, leveraging on automation without manual intervention, dealer inventory management and transportation, data transmission on daily price revision, shift in Point of Sale to meet new challenges and others.