Soon, petrol prices may change daily

Soon, petrol price could move daily just like in the US, Europe and Brazil. The oil ministry is pushing state-run fuel retailers to revise the price every day in tune with international rates and the rupee's value against the greenback.

Top government sources said the idea is being discussed at the top level of the ministry and the brass of fuel retail companies. IndianOil Corporation, the country's largest fuel retailer, has been tasked to draw up a note on the concept.

Admittedly, it is early days. "The idea is very much on the high table. But a formal proposal is yet to be drawn up," a ministry source said in response to TOI's query. Fuel retailers review petrol price on the 15th and last day of each month. The price is decided on the basis of average regional bulk market price of gasoline — trade name for petrol — and the rupee's value against the dollar in the preceding fortnight.