(ET)
Consumers can expect petrol and diesel prices to be slashed on Monday as fuel prices in the five cities where Indian Oil Corporation has initiated daily fuel prices revisions have fallen by more than Rs 1.50 per litre since 1 May. Revised petrol and diesel prices for Chandigarh, one of the five pilot cities, was Rs 65.93 per litre and Rs 56.21 per litre respectively as on 11 May according to the fuel retailer — a drop of more than Rs 1.50 as compared to petrol price of Rs 67.65 per litre and diesel price of Rs 57.74 per litre on May 1.
In a push towards dynamic or real time market-linked pricing, government-owned Oil Marketing Companies (OMCs) have initiated a pilot project under which petrol and diesel prices in five select cities including Udaipur, Jamshedpur, Chandigarh, Vizag and Puducherry are being revised daily since May 1.
Petrol and diesel prices in Vizag as per IOC on 11 May was Rs 70.91 per litre and Rs 61.23 per litre respectively, again a drop of more than Rs 1.50 as compared to petrol prices of Rs 72.68 per litre and diesel prices of Rs 62.81 per litre on 1 May. “If prices of petrol and diesel in these pilot cities leading up to May 15 fall, that is an indication that there will be a downward revision in the fortnightly price revision for other cities,” a senior IOC official told ETEnergyWorld.
