Oil prices to be revised on daily basis from 1st May 2017

Oil prices to be revised on daily basis from 1st May 2017-telugu70mm.com

Petrol and Diesel retailers are planning to implement the fuel price revision on daily basis. They have strategically selected five cities (covering all the regions – North, South, East and West) for this trial run that will begin on 1st May in Chandigarh, Jamshedpur, Udaipur, Vizag and Puducherry. Indial Oil Corp., Bharat Petroleum Corp and Hindustan Petroleum Corp are the 3 state refiners who operate with 90 percent of their outlets in the country and they also are said to have upto 200 fuel stations in these five cities.

This ‘daily dynamic pricing’ is a trial ahead of nationwide launch of this scheme. This will help them identify the glitches and fix the pain areas before the nationwide roll out of the scheme transpires later this year. Other Indian private retailers like Reliance and Essar have not commented but are said to tail the same route. 

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