State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), who owns over 95% of petrol pumps in the country, will launch a pilot for daily price revision in five selected cities in coming month and gradually extend it after seeing the results.
And, as per this change, our Udaipur is amongst the five cities chosen for this purpose wherein petrol, and diesel prices will change every day from 1st May.
Petroleum Minister, Dharmendra Pradhan said, “Oil companies will implement it on a pilot project in 5 cities. After this, they’ll decide what to do with rest of the country.” He also added that everyday change in prices of petroleum products is a recommendation of experts. The government has no role in it.
A project for the daily revision of petrol and diesel price will be implemented in Puducherry, Udaipur (Rajasthan), Vizag (Andhra Pradesh), Jamshedpur (Jharkhand), and Chandigarh.
Based on an average international price of the fuel in the preceding fortnight and rupee-US dollar fluctuations, state fuel retailers currently revise rates on 1st and 16th of every month.
IOC chairman, B Ashok said, “Ultimately, we will be driving towards market linked rates on a daily basis at all pumps across the country.”
The daily price change will take out the high jump in rates that take place at the end of the fortnight, and the consumer price will see greater alignment with market dynamics.
Once this pilot project by state fuel refiners is successful, it will get extended into the other parts of the country too.