(FE)
India’s state-run oil marketing companies will revise petrol price on a daily basis all across the country beginning June 16, ET Now reported on Wednesday citing unidentified sources from the Ministry of Petroleum and Natural Gas. The reported roll out of daily petrol price revision mechanism all across India comes close on the heels of a pilot project to review petrol and diesel prices on a daily basis in five cities from May 1. There is no immediate information available on daily revision of diesel prices across all India.
At present, India’s three state-run oil marketing companies Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and usually revise them every fortnight to pass on the impact of global crude oil prices on their purchases.
Earlier in May, the three fuel retailers begun a pilot in the cities of Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North to revise petrol and diesel prices everyday, before implementing the mechanism nationwide in order to better shield themselves from volatility in global crude oil prices.
