1st May 2017 onwards, 5 different cities across the country will experience daily fuel price revision as a part of new initiatives from the government.
Chandigarh, Udaipur, Jamshedpur, Vizag and Pondicherry will be the 5 cities from where government will start their pilot project of testing this new scheme of daily fuel revision which is already been followed by foreign countries.
In order to study the positives and negatives of the new daily fuel price revision scheme, this temporary 5 city plan has been chalked out by our government.
With the implication of this new pilot project, state owned fuel retailers like Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL) will change fuel prices they offer to masses according to the change in international crude oil price revisions on daily basis.
This project will prevent the sudden increase and decrease in fuel prices all over the country as it has been happening till now. At present, government revises fuel prices all over country on every fortnight thus leading to sudden hike or drop in cost.
This 5 city project will help government know the merits before they further pen down plan across the country.