Daily revision in fuel rates from today
Posted on: 01/May/2017 12:50:45 PM
Starting from today, in select towns, the petrol and diesel prices are to be revised. The revision in rate will be in sync with global rates, similar to what happens in advanced markets.
Out of the 58,000 petrol pumps in India, over 95 percent of them are owned by Indian oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp. Starting from 1st May 2017, a pilot will be launched to set daily price revision in 5 cities. This is soon likely to be launched in remaining parts of the country.
To start with, the pilot for daily changes in petrol and diesel rates will be introduced in Puducherry, Vizag, Jamshedpur in Jharkhand, Udaipur in Rajasthan and Chandigarh, reads an IOC statement.
Based on average international fuel price on the preceding fortnight and value of currency exchange, the fuel price has been set on every 1st and 16th of every month. This is done by the state fuel retailers. Rather than setting price based on fortnightly average, based on daily changes in international oil rates and changes in Rupee-USD, the daily rates are to be fixed.
Accordingly, as per IOC reports, the price per litre of petrol and diesel in Udaipur is Rs 70.57 and Rs 61.23, in Jamshedpur, it is Rs 69.33 and Rs 60.26 respectively.
