Wednesday, 12 April 2017

Oil PSUs to revise fuel price in five cities daily from May 1

DSR Broking

      Public sector companies, on the contrary, especially energy companies like Indian Oil, NTPC, NHPC and                                                                            PowerGrid, are all on a hiring spree.

  • State-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said.
  • To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in South India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.
  • State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.
  • State refiners - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - operate 90 per cent of the retail outlets in the country.
  • The three have up to 200 fuel stations in the five cities, the sources said.
  • The roll out of “daily dynamic pricing” in five cities will help them identify the problems
    ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said.

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