The petrol and diesel prices will be revised from May 1 on a daily basis in the five select cities in sync with international rates, as like in those advanced markets.
Indian Oil Corporation (IOC), Bharat Petroleum Corp Ltd. (BPCL), and Hindustan Petroleum Corp Ltd. (HPCL) fuel retailers which own more than 95 percent of the nearby 58,000 petrol pumps in the country. It will be launch a pilot for daily revision in the five selected cities from Monday and gradually be shifted into different cities.
A pilot for daily revision of petrol and diesel prices will be first implemented in Pondicherry, Vizag, Udaipur, Jamshedpur and Chandigarh. Currently, the state fuel retailers will revise the prices according to the market rates on 1st and 16th of every month in the preceding fortnight and current exchange rate.
Instead of using fortnightly average, the pump rates will reflect daily movement in International prices. IOC said petrol in Udaipur costs Rs 70.57 a liter and diesel Rs 61.23, while in Jamshedpur petrol costs Rs 69.33 a liter and diesel Rs 60.26.
A liter of petrol costs Rs 67.65 in Chandigarh and diesel is priced at Rs 57.74. In Vizag, petrol costs Rs 72.68 a liter and diesel Rs 62.81. In Puducherry, petrol is priced at Rs 66.02 per liter and diesel Rs 58.68 a liter. However, customers can also verify the fuel prices by downloading the company app or visiting its website; said IOC.
While petrol price was freed from the control of the government in June 2010 and diesel rates were deregulated in October 2014. Technically, the oil companies have given the freedom to revise the prices, but often they have been guided by political considerations. Rates differ by only a few paise between pumps of the three state fuel retailers.