Mumbai, Jul 4: After the newly introduced system of daily revisions of petrol and diesel prices came into effect on June 16, 2017, the price of fuel has come down by almost 6 per cent. While petrol prices dipped by Rs 2, prices for diesel have fallen more than Re 1 across the country.
After the price revision on Tuesday, the cost of one litre of petrol was Rs. 63.08 in New Delhi, Rs. 66.14 in Kolkata, Rs. 74.30 in Mumbai and Rs. 65.46 in Chennai. Similarly, the cost of diesel was Rs. 53.44 per litre in New Delhi, Rs. 55.74 per litre in Kolkata, Rs. 58.76 per litre in Mumbai and Rs. 56.25 per litre in Chennai.
Meanwhile, the price of fuel in non-metro cities, as well as for non-branded petrol and diesel have also seen a major decrease after the nationwide fuel revision policy was adopted. This drop is despite the fact that petroleum products were not subsumed under the Goods and Services Tax (GST).
One of the major reasons for the decrease in costs of petrol and diesel is the removal of politically dependent artificial pricing. Earlier, prices for fuel were revised on a fortnightly basis and often influenced by the government’s political viewpoints.
Daily revisions have meant that state-run oil manufacturing companies including Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum revise petrol and diesel prices solely based on the standing rate of crude oil globally.
Customers can view the revised daily prices via a variety of means. Hindustan Petroleum, BPCL and Indian Oil Corporation all display the revised prices every day on their websites and mobile applications. Alternatively, sending an SMS to BPCL’s 9223112222 number or Hindustan Petroleum’s 9222201122 number or even Indian Oil Corporation’s 9224992249 will promptly provide users with the current rates of petrol or diesel in their city.
However, the daily price revision system has also had to face its share of backlash, especially from dealers’ across the country whose demands include that state-run oil companies provide digital boards for prices in all fuelling stations and that their margins not be affected by the revised prices. Nationwide protests demanding the same are expected to be launched by dealers’ on July 5 and July 12, 2017.