Price of petrol and diesel will change daily from May 1; Here's why!
Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum are mulling ways to follow the international standards of crude oil price change. This would result into daily change in the prices of petrol and diesel
New Delhi:Oil Marketing Companies (OMCs) will roll out a dynamic module for the change in prices of petrol and diesel. Rates now will change on a daily basis, effective from May 1.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum are mulling ways to follow the international standards of crude oil price change.
This would result into daily change in the prices of petrol and diesel.
This would also free private players like Reliance and Essar to fix their pricing in line with the international standards.
Why companies want dynamic fuel pricing?
- Dynamic fuel pricing will enable oil companies to curb losses they face due to currency and crude movements over a 15-day period.
This will also make their profit or loss margins more predictable.