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State oil cos to revise petrol, diesel prices in 5 cities daily from May 1: Sources

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.

April 12, 2017 / 05:27 PM IST

India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out 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.

The oil ministry will be meeting representatives of oil marketing companies, retailers and Petroleum Dealers Association on Wednesday evening to discuss the roll-out, according to CNBC-TV18 sources.

The ministry has directed the Petroleum Dealers Association to prepare for the pilot roll out.

According to sources, the association has expressed concerns over back-end infrastructure at retail outlets to implement such a system. Also, they have requested for the transition to happen in phased manner.

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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 upto 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.

(With inputs from CNBC-TV18)

Disclosure: Reliance Industries owns Network 18 that publishes Moneycontrol.com.

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