Petrol and diesel rates to change on daily basis
Posted on: 07/Apr/2017 3:20:57 PM
The state run oil marketing firms are devising plans where there will be daily variations in petrol and diesel rates. These oil firms have over 90 percent of the retail fuel market under their control, to note.
The Indian Oil Corporation which is the major player, and the Bharat Petroleum and Hindustan Petroleum are planning different ways of rolling out ideas to review petrol and diesel rates, said officials from these companies.
The companies however refused to comment on this move. The price change on a daily basis called the dynamic fuel pricing indicates that the companies need not wait for a fortnight for petrol or diesel rate change with changes in crude oil rate.
The companies can, by themselves, fix petrol and diesel rates depending on crude price variations. This move will bring international standard of fuel pricing in India.
The companies facing loss due to currency or crude movements will now be cushioned. Their margins can be predictable now, say experts.
