The Association had earlier chose to support "No Purchase No Sale" call by Federation of All India Petroleum Traders.
Sanjiv Singh, Chairman of Indian Oil along with BS Canth Marketing Director in its video conference on June 13, said, "Daily price change with retail outlet dealers of 11 states, viz., Rajasthan, Punjab, Delhi, Gujarat, Maharashtra, Tamil Nadu, Telangana & Andhra Pradesh, Karnataka, West Bengal and Bihar". He said now petrol pumps change rates according to the price decided by the oil companies on the fortnightly basis. The association has termed the decision of OMC as unilateral and arbitrary.The association members said that internationally where the dynamic pricing (daily revision of fuel rates) is in place, self-service fueling is practiced by customers. "There were some concerns of dealer associations with regards to the daily pricing mechanism", Pradhan said.
Also every petrol pump will now have its dealer's code prominently displayed allowing customers to verify prices through SMS. This comes after the government agreeing to change the timing of price revision to 6 AM everyday instead of midnight.
Fuel@IOC is a mobile application for fuel customers of Indian Oil.
The decision to revise fuel rates daily from June 16 is an extension of a pilot that the oil companies have been running in five cities since May 1.
In case of non-automated ROs, manual change of price has to be done.
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Also, Pradhan has asked the three oil companies to automate all their petrol pumps on a war footing and as fast as possible.
"The fear of dealers about inventory loss is unwarranted as the change of prices will happen both upwards as well as downwards, and thus both gain and loss would compensate each other", International Olympic Committee said in a release here.
"At a large number of Indian Oil's 10,000 automated fuel stations, daily price can be automatically updated centrally".
India has opted for dynamic pricing, which is practised in many developed countries, owing to the recent volatility in global crude oil prices.
According to official data, the Indian basket, comprising 73 per cent sour-grade Dubai and Oman crudes and the balance in sweet-grade Brent, closed trade on Tuesday at $47.23 for a barrel of 159 litres.