Get ready for revision of fuel prices every day, soon

With the state-owned oil companies planning to implement daily revision of fuel price in five cities from May 1, the same will have a nationwide roll out soon after.

In the first phase, the ‘daily dynamic pricing’ scheme will be implemented in Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh.

Currently, state refiners Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, who operate 90 percent of retail outlets in the country, revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.

The first phase will help the corporations identify the problems ahead of a nationwide roll out later this year, B Ashok, Chairman IOCL, stated.