The Petrol and Diesel prices will change every day in sync with international rates, much like what happens in most advanced markets.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.
The revision of fuel prices will be implemented Five Major Citys like Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh and “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," IOC Chairman B Ashok told PTI.
State refiners currently 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.