Government planning daily price revision for CNG also


The legislature is wanting to take off daily price revision of CNG like what the oil organizations have been doing to settle on the costs of petroleum, diesel. Right now, cost of CNG is overhauled month to month.

India Oil Corporation (IOC) CMD Sanjay Singh affirmed the news to leading news channel that oil organizations are revising CNG cost on a daily basis.

Petroleum companies had a month ago chose that petroleum and diesel costs would be revised once a day in select towns in a state of harmony with global rates like what occurs in most advanced markets.

State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL), which claim more than 95 per cent of the almost 58,000 petrol pumps in the nation, propelled a pilot for day by day price revision in five select cities last and plan to bit by bit stretch out it to different parts of the nation.

While oil cost was freed from the control of the legislature in June 2010, diesel rates were deregulated in October 2014.

In fact, oil organizations have flexibility to revise rates yet regularly they have been guided by political considerations. Rates vary by just a couple paise between pumps of the three state fuel retailers.

With day by day changes, which are probably not going to be more than a few paise per litre, the political pressures for not reconsidering rates especially when they are to be hiked will go, individuals in know about the matter said.