Beginning from May 1, 2017, prices of petrol and diesel will see a change every day in line with the international fuel rates. A step that is seen in most advanced markets across the world, fuel prices will be revised each day. The pilot project will begin from May 1 in five selected cities. The move will eventually be extended in fuel pumps across the country.
Currently, prices of petrol and diesel are revised every fortnight (1st and 16th of every month) across India. From next month, prices of fuel will be revised everyday in five cities including Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh.
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State owned oil companies such the Indian Oil Corporation (IOCL), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) own about 200 fuel stations in the aforementioned regions. These companies also own about 90-95% of the fuel pumps located across the country.
Speaking on the occasion, Dharmendra Pradhan, Petroleum Minister, said that the oil companies will implement the step on a pilot project basis in five cities. After this they will decide what to do with the rest of the country.
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The news comes barely two weeks after fuel prices were reduced across the nation. Petrol prices were last revised on April 1, 2017 where petrol and diesel prices saw a fall of INR 3.77 and INR 2.91 respectively. The next change in fuel prices is scheduled to take place on April 16, 2017.
With inputs from ANI