Don’t be surprised to see a new fuel price every single day that you visit the nearest fuel station. The country’s state-owned fuel companies are planning to implement daily price revisions of petrol and diesel from May 1, 2017.
But before getting into a nation-wide exercise, these oil companies will do a pilot run of revising fuel prices in five cities – Puducherry, Vishakapatnam, Udaipur, Jamshedpur and Chandigarh. This move is to mitigate massive jump in fuel prices that happens every fortnight and also align fuel prices with market dynamics. Currently, the fuel prices are revised on the 1st and 16th of every month, depending on the change in the international crude price and currency fluctuation.
The daily dynamic pricing is currently being followed in developed countries like Japan and the US. The revision of fuel prices daily will make sure that the Indian consumers don’t feel the pinch of a huge price increase that has been happening in the last few months. The official communication on this new development is expected to come in the next few days.
