Public Sector Oil Companies Plan May Review Retail Fuel Prices Everyday
Public sector oil companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum may review fuel prices daily rather than fortnightly, as is the current practice, in order to align them better with international prices.
A worker walks atop a tanker wagon to check the freight level at an oil terminal (REUTERS)
New Delhi: Public sector oil companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum may review fuel prices daily rather than fortnightly, as is the current practice, in order to align them better with international prices.
The Economic Times reported that the three companies are considering ways to review petrol and diesel prices daily, top executives at the firms told the paper on condition of anonymity.
The Economic Times further said that the executives met oil minister Dharmendra Pradhan earlier this week to discuss the idea of daily pricing.
Reuters reported that the move would free private players like Essar Oil and Reliance Industries, which currently follow the price set by state-owned companies, to also shift to a dynamic model.
A daily price change - called dynamic fuel pricing - means that companies will not wait for a fortnight to adjust the price of petrol and diesel in tandem with crude price, but will be able to change the price daily based on global crude prices.
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