Private petro firms to also revise fuel prices daily

Private petro firms to also revise fuel prices daily

Taking a cue from state-run oil marketing companies (OMCs), private sector fuel retailers Reliance Industries, Essar Oil and Shell India are likely to revise motor fuel prices on a daily basis from Friday.

“Our outlets are already automated and can go live with dynamic pricing any day. As soon as other players shift to a daily pricing regime, we will also,” said a senior official from a private sector major, on condition anonymity.

As of April 1, by official data, India had 59,595 fuel retail outlets. Of these, close to 54,000 were owned by state-run Indian Oil Corporation (IOC), Hindustan Petroleum Corporation and Bharat Petroleum Corporation. The others are owned by private players. Read more

Credits:www.business-standard.com

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