In May, the three fuel marketing companies initiated a pilot project in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North to revise petrol and diesel prices every day, before implementing the mechanism nationwide in order to better shield themselves from volatility. “Updated prices will be immediately exhibited at all petrol pumps for information of the public”, the statement said.
“After its successful implementation, public sector oil companies have now chose to start daily revision in retail selling prices of petrol and diesel in the entire country with effect from 16th June, 2017”, Indian Oil said.
The federation wrote to the Ministry for Petroleum and Natural Gas, stating that the move to introduce daily changes in petrol prices would only benefit oil companies and harms the petrol dealers involved in retailing of petroleum.
Credits : Vehicle Pro
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