Chennai: Consumers of petrol and diesel will have to pay different prices daily from June 16 in synchronisation with international crude oil prices.
Now, price revision is being done on a fortnightly basis matching with the international prices, and the state oil companies are getting ready for their daily revision of prices for petrol and diesel.
Sabita Nataraj, general manager, Indian Oil (southern region) said, “This move will be beneficial for all stakeholders such as consumers, companies and dealers. Our inventory process will be highly beneficial because of the dynamic pricing. It is natural fallout of the market dynamism.”
In the fortnight-based pricing, whatever the rate difference was there in 15 days, it will be averaged out. “But now, with the dynamic pricing, when rupee is stronger than dollar on a particular day, we will have a say on the pricing. And, also the consumers will only experience a marginal difference in daily pricing,” she added.
The price change will be conveyed to the dealers and consumers through fuel@IOC app, which gives daily price at different gas stations in near-by areas.
