Five cities part of pilot project for daily revision of petrol, diesel price

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The move to sync petrol and diesel price with international rates began on Monday, with five cities included in the pilot project by Indian Oil Corporation Limited (IOC), Hindustan Petroleum Corp. Limited (HPCL), and Bharat Petroleum Corp. Limited (BPCL). Udaipur, Vizag, Jamshedpur, Chandigarh, and Puducherry District will see daily revisions in fuel prices, as against fortnightly revisions in the past.

petrol-pump
Fuel prices will be revised on a daily basis under the pilot project.

The rates in these cities will change daily, taking the US dollar and international oil price into account. Customers can ensure that they pay the actual price by checking the same from the IOC website or through the IOC app.

City Petrol price on May 2 Diesel price on May 2
Chandigarh Rs.67.65 Rs.57.74
Jamshedpur Rs.69.33 Rs.60.25
Puducherry Rs.66.02 Rs.58.68
Udaipur Rs.70.57 Rs.61.22
Vizag Rs.72.68 Rs.62.80

The success or failure of this pilot project could see other cities added to the list.

Petrol and diesel have been deregulated in the country from June 2010 and October 2014 respectively. Before deregulation, it was the government which decided the price of these fuels, while the price is now determined by market conditions.

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