Periodicity of petrol price revisions

Oil cos in huddle over periodicity of petrol price revision

Consultations are on among oil companies to decide on the periodicity of petrol price revisions, said the Petroleum Secretary, Mr S. Sundareshan. “A meeting will be held in the Petroleum Ministry with the fuel retailing companies shortly,” he said.The Petroleum Ministry could hold the meeting after July 15, once the fortnightly projections of the pricing are available.
On June 25, the Government had decided to decontrol the prices of petrol, that is, the price will be market determined now. Following the deregulation, the petrol prices were raised by Rs 3.50/litre.However, the price of diesel was not deregulated, but increased by Rs 2/litre. Asked if the price hike has affected demand for petroleum products, Mr Sundareshan said, “There has been no fall in demand for oil products.
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