From the second fortnight of June, dynamic pricing of petrol and diesel will be extended to the entire country by the oil marketing companies (OMCs). Starting May, a pilot is being run in Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh, wherein petrol and diesel prices are revised every day enabling a guard against global crude oil prices volatility. The pricing of the two fuels is already decontrolled but the global price changes are now being factored in retail prices only periodically. In the current set-up, state-run OMCs — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — review retail fuel prices every 15 days and the prices of the fuel are increased or decreased depending on the global crude oil prices. The decision to roll out the dynamic pricing system, followed by most advanced countries, was taken during a meeting on Wednesday called by petroleum minister Dharmendra Pradhan and attended by officials from the ministry of petroleum and natural gas, and various officials from the OMCs including the CMDs.
According to an industry source, though a final date is yet to be ascertained, June 16 is the date which is being discussed. “The actual date of roll-out will be finalised in a couple of days,” said the source adding that OMCs are ready for the pan-India roll-out.