Indian govt is planning to adopt new fuel pricing policy and a pilot test is started in five cities across India. Ultimately the government wants to lower its burden on oil subsidy by allowing the Oil Marketing companies to sell fuel as per the crude oil price in international markets.
Selling the oil as per the change in global market prices brings the consumers and oil marketing companies to win- win situation. But as per the new policy, the consumers will have to bear when the global oil prices surge.
So far Oil marketing companies are reviewing prices once in every 15 days and as per the new policy, the Oil Marketing companies now can change the prices every day.