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As a part of trail run, fuel prices will change every day as per the international rates across the selected 5 Indian cities on initial basis from May 1. As seen in most advanced markets wherein the diesel and petrol prices are in sync with international rates, five Indian cities – Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh will be the first to witness the same.
As a part of trail run, fuel prices will change every day as per the international rates across the selected 5 Indian cities on initial basis from May 1. As seen in most advanced markets wherein the diesel and petrol prices are in sync with international rates, five Indian cities – Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh will be the first to witness the same. This particular pattern will be implemented in other cities based on the assessment of consumer response from these 5 cities.
Currently, state refiners revise fuel prices every fortnight as per the international rates which reflects the volatility in the currency and global crude oil prices. Now, these retailers will revise these prices daily as per the movement in International oil prices as well as rupee-US dollar fluctuation instead of 15 days.
As per the report from PTI, stated owned fuel retailers such as Indian Oil Corp (IOL), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) owns over 95% of about 58000 petrol pumps throughout the country. Petroleum minister Dharmendra Pradhan said that, “Oil companies will implement it on pilot project in 5 cities. After this, they’ll decide what to do with rest of the country.”
IOC pumps in the Capital region comes with a tag of INR 66.29 per litre whereas the same is priced at INR 66.37 a litre and INR 66.48 per litre at BPCL & HPCL respectively. On the other hand, unbranded diesel is retailed at INR 55.61 for a litre at IOC and INR 55.66 at BPCL & INR 55.69 at HPCL per litre in the city.
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