Petrol and diesel rates to change on a daily basis
Posted on: 08/Jun/2017 12:05:24 PM
Petrol prices will be changed on a daily basis by the state-run oil marketing companies in India throughout the country starting from 16th June, say reports. This change in petrol price throughout India falls on the heels of a project that intends reviewing petrol and diesel price every day in 5 cities starting from 1st May. However, there is not any information in this regard.
At present, petrol rates are being periodically revised by the 3 state-run oil marketing firms: Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. The revision is done every fortnight based on global crude oil rates.
In cities including Puducherry and Vizag in southern India, at Udaipur in the west, Jamshedpur in the east and Chandigarh in the North, the fuel retailers had started a pilot project during the beginning of May. This was to revise diesel price on a daily basis before incorporating the mechanism throughout the country.
Gains:
These are the three companies that altogether control the entire fuel retail market having more than 90 percent of operational outlets. Reliance Industries and Essar Oil that hold major portions of the remaining market shall also follow the suit soon.
