New Delhi: Oil companies have planned to introduce a daily revision of petrol and diesel prices in five cities Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh. Fuel prices in India will change every day in sync with international rates from May 1.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision and then gradually extend it to all over the country.
Chairman of IOC Mr. B Ashok said “It is technically possible to change rates daily but we have to first do a pilot. Once pilot is done and its implications studied, we will extend it to other parts of the country,”
As of now State refiners revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.
The roll out of daily dynamic pricing in five cities will help them identify the problems ahead of a nationwide roll-out of the scheme later this year, sources who did not wish to be identified because of the sensitivity of the matter, said.
The daily price change will also remove the big leaps in rates that need to be affected at the end of the fortnight and consumer will be more aligned to market dynamics.
Petrol price was last revised downward by Rs 3.77 a litre on April and diesel rates were cut by Rs 2.91.