New Delhi: As part of a pilot project the Petroleum Ministry has decided to change petrol and diesel prices everyday in five cities of the country starting May 1. The daily rates will be updated as per international rates, government sources said.
All the three government run petrol companies – Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), will launch the pilot in the five cities which may then be extended to the rest of the country.
Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh have been chosen for the pilot now. As such, the state owned fuel companies currently update the rates on 1st and 16th of every month which is based on average international price of the fuel in the preceding fortnight and currency exchange rate.
IOC Chairman B Ashok said in a particular market the rates will be almost same with only a marginal difference if any.