| After a successful experiment in Chandigarh, Jamshedpur, Puducherry, Udaipur and Vizag which started from May 1 the daily fuel price revision will start nation wide from June 16. Here is all you need to know about the Daily fuel price revision. Why is it happening?
Earlier fuel companies would change the fuel prices fortnightly i.e. 1 and 16 of every month as per the international fuel rates. But you must have noticed that sometimes the fuel prices remained same for more than 15 days even though the prices might have fallen in the international market. One of the reasons this happened was because of political influence. During election time the state government would not allow to change the fuel prices in fear of loosing votes. In order to compensate the fuel companies later on they would allow them to keep the fuel prices higher even when international prices went down. This initiative will ensure best possible prices to the customers, improve transparency in the pricing mechanism and help in checking any hoarding. How would it affect you? You must have noticed a sudden hike or fall in fuel prices overnight but now that wouldn't happen and even the slightest change in the international fuel prices will be passed on to the customers. Kindly note that international fuel prices do not change widely on day to day basis. |
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