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Fuel Prices To Change Daily In These Five Cities In India
The petrol and diesel price will be revised on a daily basis in these five cities effective from May 1, 2017. Gradually the new system will be implemented across the country.
The prices of petrol and diesel will be updated on a daily basis in selected cities effective from May 1, 2017. The price will fluctuate as per international market rates.
State-owned fuel retailers such as Bharat Petroleum Corp Ltd (BPCL), Indian Oil Corp (IOC), and Hindustan Petroleum Corp Ltd (HPCL) own nearly 58,000 fuel stations in the country. The daily revision of fuel prices will be gradually extended to other parts of the country.
The daily revision of fuel prices will be initially implemented in Vizag in Andhra Pradesh, Puducherry, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh.
Currently, the state fuel retailers revise the fuel prices on 1st and 16th of every month. Now instead of following the fortnight average, the prices will be updated as per international oil rates and Rupee to Dollar fluctuations.
IOC stated that the customers could check the fuel prices by downloading company's smartphone app or by visiting the official website. The new system will eliminate the big changes in prices at the end of a fortnight.
On the technical front, the oil companies have the freedom to revise the fuel prices as per international oil prices. But often they are bound by political considerations.
The daily revision of fuel prices is unlikely to be more than a few paise per litre. Industry sources stated that no political pressure could be applied in this system particularly when there is a need for a price hike.
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