MUMBAI, JUNE 13 : Indian Oil Corporation Ltd., the nation's largest fuel retailer, has stepped up efforts to provide information on daily price revisions through various means, including LED screens at petrol pumps, toll-free number, social media posts, price revision alert on app as well as SMS facility. Also, for the convenience of customers, every petrol pump will now have its dealer's code prominently displayed allowing consumers to verify prices through SMS.
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IndianOil Chairman, Mr Sanjiv Singh, along with Mr BS Canth, Director(Marketing) also held a videoconference session on daily price change with retail outlet dealers of 11 states, viz., Rajasthan, Punjab, Delhi, Gujarat, Maharashtra, Tamil Nadu, Telangana and Andhra Pradesh, Karnataka, West Bengal and Bihar. They also received firsthand feedback from dealers of five pilot cities where daily pricing implemented from May 1, 2017 is in progress.
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. The pilot has been successful in the 5 cities where the price change has been implemented smoothly. Prices are communicated to dealers by 4 modes (customised SMSs, e-mails, mobile app and web portal for dealers). These means of communication are also available to dealers of automated petrol pumps.
Based on proper study already conducted by way of pilot introduction of daily price change in 5 cities, the IndianOil website now prominently displays banner 'Locate your nearest IndianOil Petrol Pump and view prices' that gives information about daily prices in the selected city/town/district along with dealer's contact number as well as name of IndianOil Divisional/sales area Office under which that dealership comes.
Although daily price revision is effective from midnight, thanks to the advent of technology, the dealer is not required to be present at the retail outlet every day to change the price after 00.00 hrs at midnight. In case of automated ROs, there is a provision for dealers to schedule the price change at 20.00 Hrs for price change to take effect at 00.00 hours.
In case of non-automated ROs, manual change of price has to be done. Retail Outlets operating during the night have already employed manpower. No additional manpower is thus required for the change of price. Changing of RSP in the Dispensing Units (DUs) consumes very less time. Moreover, as the same is effective at 00.00 Hrs midnight when the rush of customers is minimum, inconvenience caused to customers will also be minimised.
IndianOil is holding regular awareness sessions pan-India with dealers to ensure their cooperation for smooth rollout of daily price change and to enable working of the automation system at the Retail Outlet. Out of IndianOil's 109 Retail Outlets in the 5 cities where Daily Pricing was introduced, at 75% of the Retail Outlets, price change was being done effectively through the automation system.
The pilot implementation in five cities has demonstrated that the Indian market is ready for the change. The study in 5 cities has shown that customers have accepted the DPR in right earnest.
Suitable communication is being shared through various media to create customer awareness. Display boards /posters are also being provided to each retail oOutlet for prominent display of the day's price.