As of now every 15 days the non-automated machines has to be calibrated manually to reflect new prices but if the daily revision of prices gets implemented then the outlet owners have to do it every night at 12 pm. "Correction in prices now happen after a gap of a fortnight but from now on it will be on daily basis to reflect the cost", International Olympic Committee chairman Sanjiv Singh said.
The practice of daily price revision, followed by many developed nations, is popularly called dynamic fuel pricing.
Since last month; May 1, daily revise of price for Petrol and Diesel was been implemented in five pilot cities i.e in Chandigarh, Visakhapatnam, Puducherry, Jamshedpur and Udaipur.
India's state-run oil marketing companies will revise petrol price on a daily basis all across the country beginning June 16, following a pilot project on daily review of petrol and diesel price in five cities from May 1.
State fuel retailers now revise rates on 1st and 16th of every month based on average global price of the fuel in the preceding fortnight and currency exchange rate.
"We can ensure the price and monitor at what rate we sold and at what time of the day", said an executive at one of the oil marketers, on the condition of anonymity.
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The latter is a very important feature since one of the major components of every smart speaker is an AI personal assistant. It is also compatible with Apple's HomeKit , allowing users to control connected home devices with speech.
This, it said, would lead to increased transparency in the system.
This will also enable smoother flow of products from refinery/depots to retail outlets.
As per latest figures, IOC, BPCL and HPCL own almost 52,604 fuel retail outlet out of 56,190 total fuel outlets across the country. However, petrol price were decontrolled in June 2010 and diesel on October 2014 giving an opening to private firms.
Technically, oil companies have the freedom to revise rates, but very often they are influenced by political considerations. The current price of petrol in Delhi is Rs 66.91 and diesel Rs 55.79. HPCL pumps sell for Rs 67.12 per litre.
According to figures from March this year, out of India's 56,190 fuel retail outlets, IOC, BPCL and HPCL's combined network accounts for 52,604. "Petrol or diesel prices change by just a few paise everyday and hence will not be useful to customers as most customers fill fuel of very small quantities".
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