Oil majors to set daily rates of petrol and diesel
Posted on: 12/Apr/2017 3:16:41 PM
The three major petrol retailers in India: Bharat Petroleum, Hindustan Petroleum and Indian Oil that comprise of over 95 percent petrol pumps counting to over 58,000 in the country will soon launch a pilot for revising the daily rates of petrol in 5 select cities starting from 1st May and this will be later extended to the other cities in the country.
At all pumps in India, we will drive toward market linked rates in a daily basis, said IOC Chairman. This pilot will be launched in Puducherry first and later on at Vizag in Andhra Pradesh, Jamshedpur in Jharkhand and Chandigarh, and Udaipur in Rajasthan, he added.
At present, the revision in rate is done for once in 6 days in accordance with average international price of fuel on the preceding fortnight and rate of currency exchange. Now, instead of this revision based on fortnightly average, there will be daily movement in the international oil and rupee price.
