Prices of petrol and diesel are going to be revised daily from May 1st onwards in 5 select cities – Pondicherry, Vizag, Udaipur, Jamshedpur and Chandigarh. The number could be expanded across the country in the near future.
State-owned retailers like Indian Oil Corp (IOC) Ltd., Bharath Petroleum Corp Ltd. (BPCL) and Hindustan Petroleums Corp Ltd. (HPCL) have jointly launched the pilot project. The project will ensure that the prices of fuel will be based on the international crude oil price fluctuations and the INR – USD exchange rates.
This will mean that fuel prices will be revised once in every day, on the 1st and 16th of each month. The authorities will implement this scheme, owing to understand the regulations and implications before sealing them-up across the country.
Most of the developed and advanced markets have given a thumbs-up to this rule in their respective countries, and have adopted to this revised system. This system is also possible to India as well, but it remains to be seen whether Indian customers will applaud this system or not.
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