State-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 01,2017 ahead of a nationwide roll out of the scheme, industry sources said.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in South India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.
State refiners - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - operate 90 per cent of the retail outlets in the country.
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.