PETROL LIKELY TO BE CUT BY `1.60/L TODAY
The daily price revision for petrol and diesel in five select cities, including Vizag, since May 1 has become an advance indicator for fuel prices in other cities and towns. It’s the way they know whether prices will increase or decrease during the fortnightly revision that is being currently taken up in all the states.
The next fortnightly revision is due on Monday and going by the trend in cities where prices are revised daily, the prices of petrol and diesel is likely to fall by `1.60 per litre.
Petroleum dealers said the prices in Hyderabad could decrease by over `2 per litre on petrol and diesel, including taxes from midnight of May 15. At present, the price of petrol is `72.68 per litre while that of diesel is `62.53 per litre.
The daily price revision for petrol and diesel in five select cities, including Vizag, since May 1 has become an advance indicator for fuel prices in other cities and towns.
In Vizag, the petrol price has come down by `2.18 and diesel price by `2.10 per litre since May 1.
“When fuel prices fall in pilot cities between May 1 and May 15, where daily price revision is effected, it is a clear indication that there would be corresponding fall in all other cities and towns. The daily revision is effected by considering the movement of global crude prices in the international market every day. The same will be applicable for price revision to be taken up every fortnight,” said an OMC official.
Three Oil Marketing Companies (OMCs), namely HPCL, BPCL and IOC, announced price revision from the midnight of May 15 for next fortnight, which will be applicable till May 31.
OMC officials said efforts are being made to launch daily revision of fuel price in Hyderabad between August-September.
Officials opined that there may not be a big problem in implementing the new initiative in GHMC limits where the automation of petrol pumps is over 90 per cent, but time will be needed to extend the same to districts and towns.
“We are keenly observing how the new initiative is being implemented in Vizag and gathering feedback from petrol pump dealers and customers. This is giving an opportunity for us to know the difficulties that may crop during implementation and how to overcome them,” he said.