The move to implement daily fuel price revision has pushed neighbouring markets towards price distortion on its very first day.
An oil marketing company official told BusinessLine that prices were not aligned with the country in those cities where the pilot project is being implemented. This has distorted the regional market from May 1 itself, according to Jharkhand Petroleum Dealers Association President, Ashok Singh.
He said, “The near 50 paisa hike in diesel price was not implemented in Jamshedpur. This market has been distorted from the very first day.”
On May 1, petrol prices were hiked by one paise per litre and diesel by 44 paise a litre in the country and this was not implemented in those cities where the daily revision project is in force. Read More…