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Fuel Prices Revised Daily

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  10 Jun 2017 12:00 AM GMT

The government has decided to revise petrol and diesel prices across the country on a daily basis from June 16. This should come as welcome news to everyone, considering that in the past we have had several instances of fossil fuel prices being hiked even at times when such prices had come down on the world market. This, and the fact that fuel prices differ from place to place in India, had led to feelings of injustice among consumers. After all, every city and town in India cannot possibly be located in States that have fossil fuel deposits. As such, a ratiol mode of pricing for petrol and diesel would be to work out an average for all States of the Union. According to available information, the daily revisions of petrol and diesel prices will be in sync with intertiol rates. This is something that happens in many advanced countries. Since fuel prices tend to vary quite a lot, a daily link with intertiol prices would be about the fairest deal for consumers. With this end in view, the Union government recently carried out a successful pilot project related to the new price structuring to be implemented from June 16 in five Indian cities. The day-to-day variations in prices is likely to be only a few paise, but the principle of passing on the benefits of any reduction in fuel prices to consumers on a daily basis will be welcome because it is an equitable initiative.

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