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Petrol And Diesel Prices To Be Revised Daily From May 1, 2017
The petrol and diesel prices will be revised on a daily basis in five cities from May 1, 2017. The new scheme will be rolled out nationwide later this year.
State-owned fuel retailers are planning to implement the revision of fuel prices on a daily basis. Ahead of the nationwide rollout of this new scheme, the daily revision of fuel prices will be rolled out in five cities in India.
The petrol and diesel prices will be revised daily from May 1, 2017, in Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh. Currently, the state-owned fuel refiners are revising the fuel prices every fortnight.
State refiners such as Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp operate around 90 percent of retail outlets in the country.
As per sources, the three state-owned fuel refiners have up to 200 fuel stations in the above mentioned five cities.
The implementation of ‘daily dynamic pricing' in five cities will help to identify any flaws in the system ahead of its nationwide roll out later this year.
Although, there was no immediate response from the state refiners on this new scheme. Private fuel retailers such as Reliance Industries and Essar Oil are likely to follow the same.
Via EconomicTImes
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