As seen in most advanced markets wherein the diesel and petrol prices are in sync with global rates, five Indian cities – Puducherry, Vizag, Udaipur, Jamshedpur and Chandigarh will be the first to witness the same. However, state owned companies like Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. faced interference from the politicians during election times and later to compensate the loss they allowed the companies to charge higher prices even when worldwide crude prices have gone down.
State refiners – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp – operate 90% of the retail outlets in the country.
From May 1st, petrol and diesel prices will change every day in tandem with worldwide crude rate in five cities. From 1st May 2017, instead of taking fortnightly averages, daily rates of oil in global markets along with rupee and U.S. dollar fluctuations will be taken into account.
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