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The current trend in India is to change fuel rates every fortnight. A shift to daily change would mean that prices don't drop or rise sharply, as prices may only change by a few paise everyday and will not lead to shock to customers.
Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates, particularly when a price cut is necessitated, on 1st and 16th of every month based on average international price in the previous fortnight.
Parag Thakkar, HDFC Securities is not so upbeat on the current market rally and believes it to be more of panic buying than strong fundamentals.
The prices of ATF, petrol and diesel have been made market determined by the government since April, 2001, June 26, 2010 and October 19, 2014 respectively, Sitharaman said, replying on behalf of Petroleum Minister Dharmendra Pradhan, in Lok Sabha.
Arora is bearish on NBFC stocks, most of which are expensive at these levels, and cement companies, which are likely to report weak earnings for the June quarter.
The fall in the rupee came because of huge buying by public sector undertaking (PSU) oil companies
"There is nothing wrong in fixing gas price inline with international prices," Rangarajan told CNBC-TV18.
Public sector oil exploration and marketing companies are likely to see a near doubling of under-recoveries to Rs 30,000 crore this quarter, because of soaring crude oil prices, according to a report by rating agency CRISIL.
