Daily revision of Petrol and diesel prices

Petrol and Diesel Prices Update: Daily revision of Petrol and diesel prices will take place every day in sync with international rates starting this May 1. The pattern is already in practice in most advanced markets. The state-run fuel retailers Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will launch a pilot run in five major cities starting from 1 May.

A pilot for daily revision of petrol and diesel prices will be first implemented in Chandigarh, Vizag in Andhra Pradesh, Pondicherry, Udaipur in Rajasthan and Jamshedpur in Jharkhand. Fuel retailers in India will revise rates on 1st and 16th of every month depending on the average international fuel price preceding fortnight and currency exchange rate.

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“Ultimately, we will be driving towards market linked rates on a daily basis at all pumps across the country. It is technically possible to change rates daily, but we have to first do a pilot. Once the pilot is done, and its implications studied, we will extend it to other parts of the country,“ says, IOC Chairman B Ashok.

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While he said that the pilot run would be launched within a month, he didn’t mention a specific date for launch. However, closer sources claim that the pilot run starts from May 1. The daily price change will stop big leaps in the rates which need to be affected twice every month. Technically, oil companies now have freedom to revise rates but have been guided by political considerations.

Rates may differ by few paise between three state fuel retailers but won’t vary more than few paise per liter. Petrol price in the last revision was dropped by Rs 3.77 per liter in April, and diesel rates were down by Rs 2.91.

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