India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide rollout of the scheme, industry sources told Reuters.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.
State refiners - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - operate 90 percent of the retail outlets in the country.
The three have up to 200 fuel stations in the five cities, the sources said.
The roll out of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said.
No immediate comment was available from the state refiners.
Indian private fuel retailers - Reliance Industries and Essar Oil - are expected to follow their state peers, the sources added.
A report in The Economic Times had earlier said that the daily price revision is likely to be launched soon.
"Daily price revision is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase," the ET report quoted an executive of a state-owned oil firm as saying.
With inputs from Reuters
Published Date: Apr 12, 2017 12:47 PM | Updated Date: Apr 12, 2017 12:47 PM