Petrol and diesel prices are linked to market rates in India.
Petrol and diesel prices in five cities are currently being revised daily on a pilot basis which started from May 1. Prices in these cities were revised for a third straight day on Wednesday, ahead of a nationwide rollout of the scheme. Aimed at aligning the rates with global crude prices, the daily price revision in five cities - Chandigarh, Jamshedpur, Puducherry District, Udaipur and Vizag - was implemented on May 1 this year. Petrol and diesel prices in these cities are now revised daily, ending the practice of fortnightly revisions. Indian Oil Corporation, the country's largest fuel retailer, shared on microblogging site Twitter Wednesday's selling prices of petrol and diesel in these cities.
In Udaipur, the prices were at Rs 70.58 per litre for petrol and Rs 61.22 per litre in case of diesel on May 3, compared with Rs 70.57 and Rs 61.23 on May 1, respectively. The price changes in these cities are an indicator of how prices could change in the rest of the country when they are due for revision by middle of this month. Petrol and diesel prices are is determined in India by global crude prices and the rupee's value against dollar.
On Wednesday, the prices in the five cities as per Indian Oil's website were:
"Indian Oil Corporation Ltd is implementing daily revision in prices of petrol and diesel, w.e.f 01.05.2017, on pilot basis, in the cities of Udaipur, Jamshedpur, Chandigarh, Vizag and Puducherry District," Indian Oil had said in a statement on April 30, the day it hiked diesel price by 44 paise per litre while petrol rate was increased by a marginal 1 paisa (excluding state levies).
Daily revision in rates will remove the big leaps in rates that need to be effected at the end of the fortnight.
Consumers can also verify the prices via SMS or using Indian Oil's app, Fuel@IOC. "Customers may verify fuel prices by sending SMS: RSP < SPACE > DEALER CODE to 9224992249 OR download the Fuel@IOC App and locate the petrol pump to verify prices OR log on to website www.iocl.com," Indian Oil said.
Petrol and diesel rates in the other parts of the country will continue fortnightly revisions as practiced until now.
Petrol and diesel prices are deregulated in India - which means they are linked to market rates. State-run fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise petrol and diesel prices every fortnight based on global oil prices and the foreign exchange rate.
The three state-run oil marketing companies own more than 95 per cent of the nearly 58,000 petrol pumps in the country.
Meanwhile, the government had said last month that it is considering a plan for home delivery of petrol and diesel to consumers if they make a pre-booking to cut queues at fuel stations. "Options being explored where petro products may be door delivered to consumers on pre booking... This would help consumers avoid spending excessive time and long queues at fuel stations," the oil ministry had said on Twitter.
In Udaipur, the prices were at Rs 70.58 per litre for petrol and Rs 61.22 per litre in case of diesel on May 3, compared with Rs 70.57 and Rs 61.23 on May 1, respectively. The price changes in these cities are an indicator of how prices could change in the rest of the country when they are due for revision by middle of this month. Petrol and diesel prices are is determined in India by global crude prices and the rupee's value against dollar.
On Wednesday, the prices in the five cities as per Indian Oil's website were:
Fuel prices for the following cities w.e.f 3.05.2017. For more details click here https://t.co/eIZEvZf5UW pic.twitter.com/6UMnhlP9zR
— Indian Oil Corp Ltd (@IndianOilcl) May 2, 2017
"Indian Oil Corporation Ltd is implementing daily revision in prices of petrol and diesel, w.e.f 01.05.2017, on pilot basis, in the cities of Udaipur, Jamshedpur, Chandigarh, Vizag and Puducherry District," Indian Oil had said in a statement on April 30, the day it hiked diesel price by 44 paise per litre while petrol rate was increased by a marginal 1 paisa (excluding state levies).
Daily revision in rates will remove the big leaps in rates that need to be effected at the end of the fortnight.
Consumers can also verify the prices via SMS or using Indian Oil's app, Fuel@IOC. "Customers may verify fuel prices by sending SMS: RSP < SPACE > DEALER CODE to 9224992249 OR download the Fuel@IOC App and locate the petrol pump to verify prices OR log on to website www.iocl.com," Indian Oil said.
Petrol and diesel rates in the other parts of the country will continue fortnightly revisions as practiced until now.
Petrol and diesel prices are deregulated in India - which means they are linked to market rates. State-run fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise petrol and diesel prices every fortnight based on global oil prices and the foreign exchange rate.
The three state-run oil marketing companies own more than 95 per cent of the nearly 58,000 petrol pumps in the country.
Meanwhile, the government had said last month that it is considering a plan for home delivery of petrol and diesel to consumers if they make a pre-booking to cut queues at fuel stations. "Options being explored where petro products may be door delivered to consumers on pre booking... This would help consumers avoid spending excessive time and long queues at fuel stations," the oil ministry had said on Twitter.
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