Fuel Prices To Get Revised Daily: A Closer Look

The onset of next month is likely to bring a new change in the price rate of both Petrol and Diesel for the Indian citizens. The primary focus of the project is to revise the price of both petrol and diesel based on the change happening in the international market.

It has been undertaken by three top most state-owned fuel retailers of the country, i.e., Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL).

For now, the price rates get revised on a fortnight basis, however, from May 1 Indian users would get to see a new change in the price rates each day. The project would initiate from Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh and as per the feedback received, it will later expand across all pumps in the nation.

Ways to avoid such fluctuations:

Although, international oil prices don't change much, still it affects the bank balance of a common man. Also, with the new mechanism in action, you will have to check the prices every day before getting your vehicle refuelled.

There are different ways to mitigate the impact of this sudden rise and fall in oil prices on your pockets:

Switch To Using Public Transport:

By using public transportation like metros, buses or rickshaws, you can quickly reduce the impact of price rise on your daily lifestyle. You can also start using bicycles as they are environment-friendly and would also keep you healthy.

Car Pools:

You can also use car pool facility offered by various carpooling companies across the country. These cab services are quite nominal and other than giving you simple means to travel anywhere in the country; they also help in saving of fuel and your money.

Switch Off Ignition:

If you find yourself stuck in a halted traffic for longer durations, switching off the engine is the best way to save fuel. When you switch the engine off, you not only save fuel but also help in keeping the environment pollution free.

Regular Maintenance/ Right Service at the Right Time:

Getting your vehicle serviced on a regular basis is a major factor in saving the fuel. When you maintain your vehicle properly, it ensures the longevity of vehicle and reduces the amount of money you spend on the fuel.

Even though the project is still in the pipelines, it would be interesting to see how the people react to it. And amidst the ongoing chaos of rising and falling of fuel prices, don’t forget to check your vehicle insurance premium policy. You can easily compare vehicle insurance online quotes offered by different insurers.