Fuel prices in India were changed two times every month except for the cities where the everyday change trail was implemented till date. Five cities were selected for a new method of price change that included passing on all the benefits and raises to the end customers through a change in price every night. It seems to be a successful method as the same will be applicable across India from June 16, 2017.
The first set of cities included Chandigarh, Puducherry, Vishakapatnam, Udaipur and Jamshedpur. State owned corporations namely Bharat Petroleum, Indian Oil and Hindustan Petroleum were recently changing the prices on 1st and 16th day of every month.
Petrol and Diesel Prices to Change Daily from June 16
The new way of price change will be applicable on around 58,000 petrol pumps that make up to 95 percent of the total number of outlets around India. These corporations revise the prices by keeping a check on the international crude oil prices and rupee-dollar exchange rate. The everyday price change practice is currently followed in US and Japan.
Fuel stations that are automated will automatically receive the changed prices on their machines while the non-automated pumps will get the notification via email, phone number and the official company website. Users can even check the price through the same official website.
Fuel Prices to be Revised Daily from June 16
Phone apps can even help people track down the change in prices on any time of the day. This move could help consumers save a lot of money as once the prices go down in the first week, they would only get the benefits in the third week through the old way.
