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Oil Prices to be Fixed Daily

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Chennai: People wait at a petrol pump in Chennai on Nov. 8, 2016. (Photo: IANS).
People wait at a petrol pump (Photo: IANS).

A petroleum dealers’ body said state-run oil marketers plan to roll out a dynamic fuel pricing pilot project from May 1 in five cities where transport fuel prices would be changed daily so as to better cope with volatility in global crude oil prices….reports Asian Lite News

Chennai: People wait at a petrol pump in Chennai on Nov. 8, 2016. (Photo: IANS).
People wait at a petrol pump (Photo: IANS).

Petrol and diesel prices are currently revised on a fortnightly basis.

All India Petroleum Dealers’ Association President Ajay Bansal told IANS here that a decision to have dynamic fuel pricing pilot project had been taken by Petroleum Minister Dharmendra Pradhan following a meeting here with officials of the three oil marketers – Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum.

Under this project, the companies will change the price of transport fuels everyday based on crude price movements. Dynamic pricing is followed in many developed countries.

The project is to be implemented in the cities of Puducherry and Vizag in southern India, Udaipur in the west, Jamshedpur in the east and Chandigarh in the north.

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