The government has discussed a proposal to shift to monthly, bi-monthly or weekly fuel price revision, as against the daily review of retail prices undertaken by the oil marketing companies, CNBC TV-18 reported on July 19, citing sources.
The Centre is also reviewing the inclusion of freight cost in the pricing formula for fuel that is refined domestically, the person privy to the developments told the news channel.
The inclusion of sea insurance cost in the pricing formula for domestically-refined fuel was also mulled over, the sources added.
An official reaction, on whether the proposals are being considered, had not come at the time of writing this report.
Also Read | Crude oil prices soften but supply tightness trims losses
#CNBCTV18Exclusive | Government discusses proposal to shift to monthly, bi-monthly or weekly fuel price revision from a daily price revision for fuel: Sources to @TimsyJaipuria pic.twitter.com/kEOrbuFgit— CNBC-TV18 (@CNBCTV18Live) July 19, 2022
The retail price petrol and diesel had shot to unprecedented levels in April, as the international crude oil rates had surged with the outbreak of Russia-Ukraine war.
Since May-end, the prices have remained steady. The government had, during the month, also slashed the excise duty on petrol by Rs 8 per litre, and on diesel by Rs 6 per litre, in a bid to relieve the consumers.
The retail prices are decided by the oil marketing companies after factoring-in the 15-day average of international crude oil rates.
Currently, the per litre price of petrol stands at Rs 96.72 in Delhi, Rs 106.31 in Mumbai, Rs 102.63 in Chennai and Rs 106.03 in Kolkata.
Per litre of diesel costs Rs 89.62 in the national capital, Rs 94.27 in Mumbai, Rs 94.24 in Chennai and Rs 92.76 in Kolkata.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
