From May 1, state-run oil corporations Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum will revise the prices of petrol and diesel every day to reflect the volatility in the markets. The move will first be implemented in five cities – Udaipur, Chandigarh, Visakhapatnam, Puducherry and Jamshedpur. Later, it will be rolled out nationally.
Earlier, the state-run oil corporations would revise the prices of fuel every fortnight, usually on the 1st and 16th of every month. “Ultimately, we will be driving towards market-linked rates on a daily basis at all pumps across the country,” IOC Chairman B Ashok told PTI. “It is technically possible to change rates daily but we have to first do a pilot. Once that is done and the implications studied, we will extend it to other parts of the country,” he said.
The three state-run corporations own 95% of the 58,000 petrol pumps in the country, according to NDTV. Private fuel retailers such as Reliance Industries and Essar Oil are expected to follow their government-owned peers soon, the news channel added.