Wednesday, 27 June 2012

Soon Petrol prices could change daily

A proposal has now been put up to the government for making the petrol prices change daily as it happens in Brazil, USA and Europe. 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.

This as per the government needs to be done as for many days the price change does not takes place and when it happens, it does by a huge quantum, the recent example of May 23 when petrol price was increased by Rs 7.50, which was the highest ever single day hike. This raised many eyebrows and many questions were put to the government by general public and various other auto agencies, as to why dont the government look for any other alternative.

This is too early to stay that the policy will get implemented but the proposal is on the table for sure.


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