Fuel prices to be revised daily in 5 cities from May 1

Petrol and diesel prices will be revised daily from May 1, 2017. This will be done as part of a pilot project in five cities across the country - Pondicherry, Vizag, Udaipur, Jamshedpur and Chandigarh. The same arrangement is expected to be expanded across the country in the distant future.

The pilot project will be launched by state-owned retailers like Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL). The price revisions will be based on the international crude oil price fluctuations and the INR-USD exchange rates. In the current arrangement, fuel prices are revised across the country once in every fortnight, on the 1st and 16th of each month.

Most of the advanced markets across the globe have already adopted daily revision for fuel prices. As a result, it is technically possible to do so in India as well. However, the authorities will start implementing this new system as a pilot project to understand the implications, before scaling it up across the nation.

Source: PTI