Oil marketing companies are planning to put in place a mechanism under which fuel prices (petrol and diesel) will be aligned to international crude oil prices on a daily basis.
The effect: You will have to check petrol and diesel prices daily before refuelling your vehicle.
In fact, according to a Reuters report, state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide rollout of the scheme, industry sources said.
To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag, Udaipur, Jamshedpur and Chandigarh, they said.
Currently, oil marketing companies decide on change in fuel prices on a fortnightly basis.