Petrol, diesel prices to change on daily basis from May 1st
New Delhi: Daily revision of petrol and diesel prices in sync with international rates would be implemented in five select cities from May 1. Such a phenomenon is normal in most advanced markets.
This pilot projected will be implemented in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh claimed IOC chairman B Ashok on Wednesday.
Government owned fuel retail companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) that own nearly 95 per cent of around 58,000 petrol pumps in the country will launch this pilot in five States and gradually extend it to other States in the country.
Currently, these companies are revising rates on 1st and 16th of every month based on international fuel prices and currency exchange rate that was in the preceding fortnight. The deregulation of petrol and diesel prices happened in June 2010 and October 2014 respectively.