New Delhi, July 13: Since the daily dynamic pricing came into effect across India, petrol prices have come down by Re 2 per litre and the prices of diesel have fallen by more than Re 1 per litre in metro cities. After today’s petrol price revision, the rates of petrol prices in four metro cities are Rs 63.91 in New Delhi, Rs 67.38 in Kolkata, Rs 73.25 in Mumbai and Rs 66.36 in Chennai. The prices of diesel are Rs 54.7 in New Delhi, Rs 57.44 in Kolkata, Rs 58.22 in Mumbai and Rs 57.67 in Chennai.
Petrol prices have fallen down by Re 2.35 and the diesel prices have fallen down by Re 1.02. The petrol and diesel dynamic pricing began on June 16 and then, the prices of petrol were Rs. 65.48 in New Delhi, Rs 76.70 in Mumbai, Rs 68.02 in Chennai, and Rs 68.03 in Kolkata and diesel prices were Rs 54.49 in Delhi, Rs 59.90 in Mumbai, Rs 57.41 in Chennai, and Rs 56.65 in Kolkata. The decrease in the fuel prices is the result of the recent global prices trend.
Dynamic fuel pricing has been adopted by many countries and India opted for it responding to the recent volatility in global crude oil prices. The prices have varied across states according to the state taxes. When the dynamic pricing was started, the state-run oil marketing companies (OMCs) used to review and revise fuel prices on the basis of global crude oil prices. The petrol and diesel prices are now revised at 6 AM daily. Through daily fuel pricing, the Indian Oil Corporation ensures that even a slight change in the international oil prices can pass on the benefits to the dealers and the users.While the petrol and diesel prices have come, every day the updated prices witness a slight increase in the prices. On July 3, the petrol prices in New Delhi was Rs 63.13, Rs 63.46 on July 8 and is at Rs 63.91 on July 13. The diesel prices in New Delhi was Rs 53.47 on July 3, Rs 54.06 on July 8 and today, it is at Rs 54.7.
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Dynamic fuel pricing was done to ensure best services to the customers and to ensure transparency in the pricing mechanism. From May 1, the daily dynamic pricing was implemented in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh, and Puducherry and following its success, it was implemented pan-India from June 16. Since June 16, the rates of petrol and diesel are revised daily as part of the Petrol Diesel dynamic pricing. For daily revisions in the petrol and diesel prices, the Indian Oil Corporation set up LED screens at the petrol pumps for the consumers to know the changes in pricing. Indian Oil Corporation also set up a toll-free number, social media posts, price revision app alerts and SMSes for the consumers.
Dealer’s code at the petrol pumps is being displayed prominently to allow the consumers to verify and get the updated price of petrol and diesel through SMS. For which, consumers are required to send a message — RSP< SPACE >DEALER CODE to 9224992249.