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  Business   Companies  12 Apr 2017  First five cities chosen for daily petrol, diesel price change

First five cities chosen for daily petrol, diesel price change

REUTERS
Published : Apr 12, 2017, 3:48 pm IST
Updated : Apr 12, 2017, 3:48 pm IST

State refiners currently revise fuel prices every fortnight to reflect volatility in currency and global oil markets.

Heavy rush at a petrol pumps. (Photo: PTI)
 Heavy rush at a petrol pumps. (Photo: PTI)

India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide rollout of the scheme, industry sources said.

To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.

 

State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.

State refiners — Indian Oil Corp (IOC.NS), Bharat Petroleum Corp (BPCL.NS) and Hindustan Petroleum Corp (HPCL.NS) — operate 90 percent of the retail outlets in the country.

The three have up to 200 fuel stations in the five cities, the sources said.

The rollout of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide rollout of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said.

No immediate comment was available from the state refiners.

 

Indian private fuel retailers - Reliance Industries (RELI.NS) and Essar Oil - are expected to follow their state peers, the sources added.

Tags: petrol prices, diesel prices, bpcl, hpcl, indian oil, oil india, daily change of prices, dynamic pricing formula
Location: India, Delhi, New Delhi