Petrol and diesel rates were cut on Tuesday as the new daily price revision entered its fifth day. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum implemented a new system of petrol and diesel price revision from June 16
Petrol, Diesel Prices Cut For Fifth Straight Day Since Daily Revision; Petrol Down By 10 Paise/litre In Delhi
Petrol and diesel prices in metro cities fell for fifth day in a row today after daily retail fuel price revision was implemented nationwide on June 16.
After facing temporary resistance from fuel dealers, the Indian government formally launched a new system that allows oil companies to revise the petrol and diesel prices daily in India from June 16.
Starting June 16, you will be paying a different rate every day when you go to a gas station near you to get petrol or diesel for your vehicle.
Asian gasoline profit margins have recently surged to overtake diesel and jet fuel margins as upcoming refinery maintenance in Indonesia and Vietnam will cut supply in the region.
India’s diesel demand is expected to rise to record levels again this year as a slew of infrastructure projects boosts use of the transport and industrial fuel, although a government-induced cash shortage will hold growth to its slowest in three years.
Oil and Natural Gas Corporation (ONGC) is reportedly planning to invest around Rs 30,000 crore in 2017-18 to develop oil and gas fields, expand refining capacity, and build pipelines.
Indian Railways, India’s state-run transporter, has speeded up plans to shift towards gas-fuelled locomotives. This is part of a larger plan by the railways
Under a recently announced pilot project, the price of petrol and diesel is being revised on a daily basis in five cities.
Further decontrol over petrol and diesel prices in India has begun with oil companies like Indian Oil Corporation announcing a pilot project where prices of these two fuels will change on a daily basis based on their international prices