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Petrol prices may start changing daily
Posted on 28 Jun 20121,857 Views0 Comments
Formal proposal yet to be drawn up by oil companies
Soon, petrol price could move daily just like in the US, Europe and Brazil. The oil ministry is pushing state-run fuel retailers to revise the price every day in tune with international rates and the rupee's value against the greenback. Top government sources said the idea is being discussed at the top level of the ministry and the brass of fuel retail companies. IndianOil Corporation, the country's largest fuel retailer, has been tasked to draw up a note on the concept.
Admittedly, it is early days. "The idea is very much on the high table. But a formal proposal is yet to be drawn up," a ministry source said in response to TOI's query. Fuel retailers review petrol price on the 15th and last day of each month. The price is decided on the basis of average regional bulk market price of gasoline — trade name for petrol — and the rupee's value against the dollar in the preceding fortnight.
The ministry is pushing the idea of a daily revision with the aim of sidestepping the political flak that it draws every time petrol price is raised. A daily price revision, as the thinking in the ministry goes, would make it easier to raise the pump price if the situation calls for it. While a reduction has never been an issue, an upward revision always needs a political clearance. Experience shows that such a clearance always has to overcome hurdles ranging from impending polls — even bypolls — to sulking allies. Also Read: Petrol prices may reduce by Rs 4
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