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Petrol And Diesel Prices To Be Revised Daily Very Soon


12 April 2017

OMMCOM NEWS


Bhubaneswar: The petrol and diesel prices will change every day in sync with the 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 more than 95% of nearly the 58,000 petrol pumps in the country, are planning to implement daily revision of fuel prices.

In the first phase, it will be implemented in five cities of the country namely Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh. Gradually it will extend it across the country.

Petroleum minister Dharmendra Pradhan indicated that the government has encouraged market-based pricing of fuels.

“We have adhered to the policy of non-interference in the market and let a pricing mechanism based on various market dynamics evolve,” Pradhan? said at a conference. Pradhan however made it clear that the government will not force a decision for daily revision of fuel prices. He said that the change in pricing of petroleum products is a recommendation of experts and the government has nothing to do with it.

State fuel retailers currently revise rates on the 1st and 16th of every month based on average international price of fuel in the preceding fortnight and currency exchange rate.

IOCL Chairman B Ashok stated that the first phase will help the corporations identify the problems ahead of a nationwide roll out later this year. He said that they will be driving towards market linked rates on a dail basis at all pumps across the country.