Petrol prices have been dropped down by Rs 1.77 per litre and diesel by 88 paise a litre on Sunday. The daily changes in the rates of petrol prices were applied a week ago.
In June, Sate-owned oil companies discarded the 15-year old practice of changing rates on 1st and 16th of every month as a substitute a dynamic daily price revision to instantaneously reflect alterations in price.
Since June 16, the price of petrol and diesel started changing at 0600 hrs daily and the major receiver has been the customer.
On June 16, the Petrol price was noted to be Rs 65.48 a litre in Delhi while now its price is Rs 63.71 per litre, as per oil companies.
On the other hand, a litre of diesel was cost at Rs 54.49 on June 16 but has since decreased to Rs 53.61, credit to the alleviating international oil costs.
“Previously, the benefit of any decline in international oil prices would have been passed on to consumers only after a fortnight, but now it is instantaneously reflected in the billing,” a senior oil company executive stated.
“Numerous a times, worldwide rates would succumb to one week and after that ascent in the accompanying. Thus, the net impact of this in the past value modification approach was the norm or a minimal change in rate. Be that as it may, now, any decay is passed on instantly and the purchaser gets the advantage,” he expressed.
Then again, when oil costs rise, this would likewise remain constant.
As per oil organization information, petroleum cost has been cut practically consistently with diminishment going from 11 paise to 32 paise per liter.
Diesel costs have been cut between 2 paise and 18 paise a liter. Rates have declined on each and every day since the day by day value update was presented.
Petroleum and diesel costs were de-managed, or liberated from government control from April 1, 2002 and the fortnightly amendment in rates kicked in.
The deregulation crashed a bit when worldwide oil costs began to move after 2004. Fortnightly amendment proceeded yet the correction was not totally in snyc with the required cost increment.
Oil cost was at long last liberated in June 2010 and diesel in October 2014.
The day by day value update was actualized after an effective pilot in five urban areas.
Day by day value change will expel the huge jumps in rates that should be affected toward the finish of the fortnight and the purchaser will be more adjusted to showcase flow.
The three state-possessed fuel retailers had actualized everyday update of retail offering value (RSP) of petroleum and diesel on a pilot premise in Udaipur in Rajasthan, Jamshedpur in Jharkhand, Puducherry, Chandigarh, and Vizag in Andhra Pradesh from May 1.