Indiana Code Title 5. State and Local Administration § 5-22-17-10

Sec. 10. (a) As used in this section, “petroleum products” includes the following:

(b) A purchasing agent may award a contract for petroleum products to:

(c) A contract entered into under this section may allow for the escalation or de-escalation of price.

(d) This subsection applies to a petroleum products contract that is awarded to all responsible and responsive offerors as provided in subsection (b).  The purchasing agent must purchase the petroleum products from the lowest of the responsible and responsive bidders.  The contract must provide that the bidder from whom petroleum products are being purchased shall provide five (5) business days written notice of any change in price.  Upon receipt of written notice, the purchasing agent shall request current price quotes in writing based upon terms and conditions of the original offer (as awarded) from all successful responsible and responsive offerors.  The purchasing agent shall record the quotes in minutes or memoranda.  The purchasing agent shall purchase the petroleum products from the lowest responsible and responsive offeror, taking into account the price change of the current supplier and the price quotes of the other responsible and responsive offerors.