The oil companies owned by the state are in plans to execute revision of fuel price in five cities on daily basis starting May 1, 2017. Hence, you can expect different prices everyday at petrol pumps. On the other hand, customers need not worry regarding this daily revision change, as the difference won’t be huge; it will be hardly a few paise difference.
At the forefront of this nationwide introduction of the new revision scheme, the daily-basis revision of fuel prices will be implemented in 5 Indian cities.
In the meantime, Dharmendra Pradhan, Petroleum minister, revealed that daily changing of petroleum product prices is recommended by experts and that the government has no relation with any of the revision thing.
The state refiners such as Bharat Petroleum Corp., Indian Oil Corp., and Hindustan Petroleum Corp. operate fuel retail outlets comprising 90% of the overall country fuel outlets. In the five cities, these three giants own almost 200 fuel stations.
Presently, the state refiners alter the fuel prices every two weeks to reveal the instability in the currency and the global oil markets. The state oil companies reduced the prices diesel by Rs 2.91/litre and that of petrol by Rs 3.77/litre and on March 31.
The new revision scheme will be implemented in five cities, that are, Vizag, Jamshedpur, Puducherry, Udaipur, and Chandigarh.
The execution of this new scheme in five cities will be helpful to recognize any blemishes in the system, if any, later this year.
Even though there was no such abrupt reaction on this new scheme from the state refiners, the private fuel retailers including Essar Oil and Reliance Industries are expected to follow the same scheme.
The tweet by Asian News International first reported this news on twitter. The tweet goes as follows:
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_news
The other tweet was:
Everyday change in pricing of petroleum products is a recommendation of experts. Govt has nothing to do with it: Petroleum min D Pradhan—@ANI_news
Time will only reveal to what extent this new scheme will help overcome the fuel issues.