New Delhi: When you get up in the morning, the petrol and diesel prices would have changed. You will go through this every day for 365 days in a year. That's because the petro companies have decided to change the prices of diesel and petrol on a daily basis.
So petro prices at petrol pumps will change daily, something that happens in many developed countries.The oil marketing companies are planning to change the current practice of changing prices every 15 days, and instead opt for daily changes in line with the global crude prices.
According to report by Economic Times, Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum are working out ways to implement the new rule. The report added that the matter has been discussed with petroleum minister Dharmendra Pradhan.
The oil companies feel that with automation at most petrol pumps this will not be a problem. Additionally, with social media and digital technologies, the prices changes will be promptly communicated to the consumers on a daily basis.
"Daily price revision is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase,” a company official was quoted as saying.
The advantage of daily change is that prices wouldn't rise or drop sharply.The changes would be in paise, meaning no shock for consumers, and icing on the cake will be that there will be no political backlash if a 1-rupee rise is implemented over 15 days.