Hindustan Times ST (Jaipur)
PETROL, DIESEL PRICES TO VARY DAILY IN 5 CITIES FROM MAY 1
and diesel prices in some cities will now vary daily in sync with international rates, according to two officials of oil marketing firms.
This will be effective from May 1 in five cities, including Puducherry and Visakhapatnam, Udaipur, Jamshedpur and Chandigarh as part of a pilot project. The service will be extended to other parts of the country after assessment of consumer response.
“We have been piloting dynamic pricing at a few of our retail outlets for some months now, and the response has been encouraging. This has allowed us to go ahead and introduce it formally,” an executive director from an oil marketing company said on condition of anonymity .
Currently, state-run fuel retailers—Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)— revise fuel rates on the 1st and 15th of every month based on average international price of the fuel in the preceding fortnight and the currency exchange rate.trillion.