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.
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|
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.
All information, including but not limited to news articles, published on this website are strictly for general information purpose only. BankBazaarnews.com does not provide any warranty about the authenticity and accuracy of such information. BankBazaarnews.com will not be held responsible for any loss and/or damage that may arise or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for any product may vary from the information mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Copyright reserved © 2018 A & A Dukaan Financial Services Private Ltd. All rights reserved.