Seeing a trend in which petrol prices are increasing many were exaggerating that petrol will become like gold in the future. Yes, it can be a future fact but in other sense, the prices of petrol may be revised on daily basis as is the case with commodities like gold and silver. This way of deciding price is under consideration and is being discussed amongst top level ministry and oil company officials.
Presently the fuel prices are reviewed every fortnight by companies depending upon average price of crude in previous fortnight and the trend and value of Rupee against US $. The daily revision, majority of times, will be minimal and will face limited resistance as compared to killer price hikes like Rs. 7.5 that happened recently. As the common man will get used towards daily revision of prices, it will eliminate tension of facing public criticism from the Government head. So, one point will be eliminated forever from agendas of political parties, who promise of reducing fuel prices.
The feasibility and acceptance from petrol retailers is a major point to be considered. As they are the ones which will face problems if they purchase the tanker of petrol at price which falls very next day without intimation, creating loss for them. Although, vice versa will be obviously acceptable to every retailer. Some retailers are saying that instead of daily revision a weekly revision will do, as time needed for transportation to some remote places extends to a week. The decision whether to implement or not will be taken in the next few days. So be ready to see the boards, mobile applications, TV news tickers scrolling and giving you update about today’s petrol price.