The ongoing dynamic fuel pricing pilot project in five cities by state-run oil marketers, whereby transport fuel prices are changed daily, would only be extended elsewhere in India on receiving the government’s green signal, a senior oil executive said on Thursday.
“We started dynamic pricing in five cities in May. The pilot project is on-going,” India Oil Corp (IOC) Chairman B. Ashok said at a press conference here called to announce the corporate results for the fourth quarter and the full fiscal 2016-17.
“The government has been collecting the feedback and will take a decision on the future of this project,” he said.
Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum rolled out dynamic fuel pricing so as to better cope with volatility in global crude oil prices from May 1 in five cities — Puducherry and Vizag in southern India, Udaipur in the west, Jamshedpur in the east and Chandigarh in the north. Read more