(DC)
State-owned oil marketing firms are looking at the option of changing petrol and diesel prices daily depending upon their prices in international market and current exchange rate. “This is the intention but no action is being taken right now. We are looking at it and when some concrete will happen we will inform general public,” an official from one of the oil marketing companies told this newspaper.IOC, Bharat Petroleum and Hindustan Petroleum own around 90 per cent petrol pumps in the country. India deregulated petrol prices in June 2010 and diesel in October 2014.
Since then, PSU oil firms have been changing prices of these two products once in 15 days depending upon their prices in the international markets and currency exchange rate. However, 15 days backlog in some instances had resulted in inventory losses for oil marketing firms when crude oil prices saw a sharp reduction in past.
