Now you may have to pay different price everyday for fuel from May 1
As state-owned oil companies plan to implement daily revision of fuel price in five cities from May 1, the prices at petrol pumps may change everyday. However, the prices would change just by a few paise every day, bringing no shock to customers.
Meanwhile, Petroleum min Dharmendra Pradhan said that everyday change in pricing of petroleum products is a recommendation of experts and the government has nothing to do with it.
Oil cos have implemented it on pilot project in 5 cities. After this, they'll decide what to do with rest of the country: Dharmendra Pradhan— ANI (@ANI_news) April 12, 2017
State refiners - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp operates around 90% of the country's fuel retail outlets in the country. The three have up to 200 fuel stations in the five cities.
State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets. On March 31, state oil companies cut prices of petrol by Rs 3.77 per litre and diesel by Rs 2.91per litre.
The daily revision of fuel prices will be implemented in five cities- Puducherry, Vizag, Udaipur, Jamshedpur, Chandigarh.
Meanwhile, private fuel retailers - Reliance Industries and Essar Oil - are also expected to follow their state peers.