Oil firms want you to pay different prices for fuel every day
If India's oil giants have their way, you could be paying different prices for diesel and petrol everyday. State-run oil companies are now planning to review rates of fuel on a daily basis to align them with international prices and want to do away with the current practice of fortnightly revision. The proposed plan is how advanced markets work across the globe.
The Indian Oil Corporation, Bharath Petroleum and Hindustan Petroleum are considering ways to roll out the plan to review petrol and diesel prices daily and the same was discussed with petroleum minister Dharmendra Pradhan when officials of the oil companies met him on Wednesday.
Representatives of the oil companies believe that while the idea of daily pricing was on the cards it was put on hold due to lack of technology, but that situation has now changed. While no deadline has been set for the same, fuel companies believe that the shift is likely to happen soon.
The technology that may allow the shift
Most filling stations today work on automation that allows companies to centrally change prices. Digital connectivity and social media, companies believe, will help them convey price changes to close to 53,000 filling stations across the country. Earlier, price change required communication through individual phone calls, faxes etc which need not be the situation anymore.