Petrol, Diesel Prices to Change Daily
Starting from May 1, petrol and diesel prices will be revised every day in accordance with the changes in international oil prices and rupee-dollar fluctuations.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which together own over 95 per cent market in India, will launch a pilot project for daily price revision in five select cities – Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh from May 1. After carefully studying the implications, this will be gradually implemented all over the country.
At present, state fuel retailers revise prices on 1st and 16th of every month according to the average international price of the fuel in international market and currency exchange rate. Daily price change will remove the sudden surges in rates and consumers will be more aligned to market dynamics.