The project will be implemented in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh as per said by IOCL (Indian Oil Corporation Limited) Chairman Shri B Ashok
Mumbai/New Delhi: Petrol and diesel prices in some cities will now see daily change in sync with international rates, according to two officials from oil marketing major companies likes IOCL,BPCL & HPCL.This will be effective 1st May 2017 in five cities including Puducherry and Visakhapatnam, Udaipur, Jamshedpur and Chandigarh as part of a pilot project. This will be extended to other parts of the country after an assessment of consumer response.
The State-owned fuel retailers Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily (every day) price revision in five select cities from May 1st 2017 and gradually extend it to all over the country.
Meanwhile, The Minister of State for Petroleum & Natural Gas (MPOG) Shri Dharmendra Pradhan tweeted saying: “We have adhered to the policy of non-interference in the market and let a pricing mechanism based on various market dynamics evolve.” In a separate statement to news agency ANI, Shri Pradhan said, “Oil cos have implemented it on pilot project in 5 cities (Puducherry and Visakhapatnam, Udaipur, Jamshedpur and Chandigarh ) . After this, they’ll decide what to do with rest of the country.”
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