After the daily change in price of petrol and diesel was effected in five cities on a pilot project basis, the time has come when the daily changes in the price of the fuel shall be effected in all cities from June 16.
The consensus has been formed by the OMCs to begin with the daily revision in fuel price from the second fortnight of June. But the dealers have been cautious on the wake of the viability of the new pricing model and inventory management.
Until now, state-run oil marketing companies including BPCL,HPCL and IOC were working out the pricing of the fuel on a bi-monthly basis i.e every fortnight tracking the global fuel prices. To put the new model in place, the players are planning to roll-out the dynamic pricing system nationally by the second half of this month.
The daily revision in pricing of petrol and diesel was effected in 5 cities on a pilot basis as is the practice in overseas market. The practice has been put in place by even private players in the industry including Reliance Industries and Essar Oil.