Fuel Prices to Change Everyday from May 1, 2017

The cost of petrol and diesel currently changes every fortnight while the new plans indicate that the same would happen everyday. The demo program for the everyday change in prices will first be seen in 5 cities namely Chandigarh, Puducherry, Vishakhapatnam, Udaipur and Jamshedpur. All these places will see the effect from May 1, 2017.

Fuel price depends upon four factors that include tax, excise duty, international crude oil price and dollar exchange rate. The first two change rarely as they are dependent on a new policy and the last two are the major reasons responsible for the change in the pricing. The everyday change would hep the customers get the actual benefit from the price change.

On the other hand, the price change could even save companies from holding on the lower prices for next 14 days. The model will first be thoroughly tested before its nation wide acceptance. Currently, only thr state owned fuel companies have to test the same in the above listed five cities.