Today here comes a big news. From 1st May 2017, Petrol and Diesel prices will change daily with reference to International rates. India’s major oil companies like IOCL, Bharat Petroleum Corp Ltd, Hindustan Petroleum will launch the pilot project in selected cities from May 1.
These major oil companies will launch the pilot projects in Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh.
IOC Chairman B Ashok said about this. He also added that at the end of this pilot project, it will drive the country to have market-linked rates on a daily basis.
IOC Chairman said, “It is technically possible to change rates daily but we have to first do a pilot. Once pilot is done and its implications studied, we will extend it to other parts of the country,”
Petrol and diesel prices will remain same in city arear. But there might be minor difference from pump to pump.
Meanwhile State Minister for Petroleum, Dharmendra Pradhan tweeted,
“We have adhered to the policy of non-interference in the market and let a pricing mechanism based on various market dynamics evolve.”
After the completion of pilot project, the leading Indian Oil companies will decide whether to implement daily price change across India or not.
The petrol and diesel prices were last revised downward by Rs 3.77 per litre and by Rs 2.91 per litre respectively last month April.
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