Petrol price has been reduced by Rs 2.46 and it is already in effect from today. Along with all the taxes and levies, the total cut goes around over Rs 3 for some cities.
New Prices in various cities of India
- New Delhi : Rs 67.78
- Mumbai: Rs 73.35
- Bangalore: Rs 76.39
- Chennai: Rs 72.27
It was the May 23rd, when the country encountered the steepest ever hike in petrol prices. Nobody was happy with this decision of oil ministry. The ministry had to handle various reactions. So, in order to avoid these critical situations like impeding polls, bypolls, strikes, sulking allies etc, an idea of revising the petrol prices on a daily basis is being discussed at the top level of the ministry and the top officials of fuel retail companies. The ministry has asked Indian Oil Corporation, the largest fuel retailer of the country to draw up a note on the concept.
A source said to TOI: “The idea is very much on the high table. But a formal proposal is yet to be drawn up”. Presently the fuel retailers review the fuel prices on the 15th and last day of each month. The price is decided on the basis of average regional bulk market price of gasoline and the rupee’s value against the dollar in the preceding fortnight.
Though the fuel retailers aren’t too happy with this decision as they fear that a daily-basis revision could be by a few paise only at times and create accounting nightmare. Also, the spread of the market, transportation and connectivity in India; especially the hinterlands and far-flung areas are not the same as in the US. Perhaps, a weekly revision would probably be a more practical way to start, says an executive.
So, implementing this rule will relieve Indian people just like US, Europe and Brazil. Even an weekly revision of petrol prices would be greatly beneficial and it would also allow retailers to pass on the benefit of lower international prices quickly without the fear of getting stuck in case of a rebound in global rates.
News Source: Times of India