Currently, oil retailers like Bharat Petroleum , Hindustan Petroleum and Indian Oil Corp revised petrol price every fortnight bases on average regional bulk market price and also the value of the rupee against the dollar
However, sources say the ministry believes fortnightly price revision is not sufficient and it should be on a daily basis just like it is done in the US. To begin with the OMCs can so by revising price every week.
It is also believed that if price moves in tandem with global rates, customers will be benefited from lower rates and vice-versa. However, customers will not mind a small increase unlike current scenario where Re one hike in petrol price also becomes an issue.
For instance, in May last year, oil marketing companies (OMCs) hiked petrol price by Rs 7.54/litre which was not acceptable to consumers and later there was a partial rollback later due to protest from opposition parties.
Last time companies hiked price was on April 15 by around Rs 1.20/litre. Petrol now costs Rs 67.29 in Delhi, Rs 74.72 in Kolkata and Rs 74.14 in Chennai.
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