Daily fuel price revisions coming to five cities in May | Reuters

NEW DELHI 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 said.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 Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - 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 rollout of 'daily dynamic pricing' in five cities will help them identify the problems ahead of a nationwide rollout of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said

Reuters April 12, 2017 21:48:29 IST
Daily fuel price revisions coming to five cities in May
| Reuters

Daily fuel price revisions coming to five cities in May
 Reuters

NEW DELHI 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 said.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 Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - 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 rollout of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide rollout 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. (Reporting by Malini Menon)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
India

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes

The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province
India

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province

Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth
India

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth

Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.