Dynamic Fuel Pricing may soon be reality in India
April 12 New Delhi: State refineries including Indian Oil, Hindustan Petroleum and Bharat Petroleum have planned to daily revise the prices of Petrol and Diesel as a Pilot Project from May1. The daily change will be in sync with the international rates.
The Project will be trailed in five major cities including Visakhapatnam, Puduchery, Udaipur, Jamshedpur and Chandigarh. This project will be set for few months to see the consumer satisfaction and if successful, implemented in the whole country. Already many developed countries follow dynamic fuel pricing on.
Currently, fuel prices change fortnightly on 1st and 15th of every month based on average international prices preceding fortnight and the currency exchange rates.
It is to be noted down here that only 40,000 petrol pumps in India are automated out of total 56,000. So, this may not be easy for the fuel dealers if implemented nationally. The question also arises that ‘are the dealers ready for the new change’.
Earlier Petroleum Minister Dharmendra Pradhan held meeting with officials of major oil marketers.
Global fuel prices, currency exchange rates and central and state taxes form almost half the prices of fuels charged from consumer pocket. This project may benefit the Indian consumers as most of the Indian people seek fuel on a daily basis rather completely filling the oil tank of their vehicle.