BENGALURU: Vehicle owners are finding it difficult to keep track of petrol and diesel prices, following the decision by oil companies in the country to revise fuel prices on a daily basis. Express contacted residents and activists who observed that petrol and diesel prices had slightly increased since the last week of July. Sharukh Mohammed, a resident of Vignana Nagar, said that while petrol price was around Rs 66.5 at the beginning of August, it was close to Rs 70 on Tuesday.
“The prices are changing on a daily basis. Electronic boards at petrol pumps have been displaying revised prices every day since June,” he said. Shreyas Kumar, a resident of R T Nagar, said that prices have actually been dipping for the past two months. “However, the fluctuation is between Rs 65 and Rs 70. Petrol prices had peaked in January when it hit Rs 76,” he said.
According to consumer activist Muralidhar Y G, though people were not being intimated about the daily price change, they were aware of the fluctuation in prices. A representative of Petroleum Dealers Association said that the daily revision of fuel prices started almost two months ago. “Nowadays, prices change daily in line with the global market prices,” he said.
The daily fluctuation, as compared to the relatively stable prices of fuel, was due to ‘oil pool account’ and ‘administered prices’ that were introduced to cushion the impact of a significant fuel price hike that has been dismantled by the Centre as per its new policy initiatives, he added.