India state-owned fuel retailers plan to implement the revision of fuel price daily in the five cities from May 1 ahead of the nationwide roll-out of the scheme, industry sources said.
Daily revision of fuel prices will implement in Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh, they said.
State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets. Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) holds 90 percent of the retail outlets in the country.
According to the sources, the three have up to 200 fuel stations in the five cities.
The roll out of “daily dynamic pricing” in five cities will help them identify the problems ahead of a nationwide roll-out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said. No immediate comment was available from the state refiners.
Reliance Industries and Essar Oil, Indian private fuel retailers are expected to follow their state peers, the sources said.
Source: Business Standard