Govt must allow oil companies freedom to fix retail prices independently

This way oil retail sector will be subjected to more competition

From May 1, petrol and diesel prices are being revised on a daily basis in five cities — Puducherry and Visakhapatnam in southern India, Udaipur in the west, Jamshedpur in the east and Chandigarh in the north. State-owned fuel retailers, which own more than 95 per cent of the nearly 58,000 petrol pumps in the country – of which 200 fuel stations are in these five cities – plan to extend this scheme to the whole country gradually. On the face of it, this is a welcome move, as domestic fuel prices in such a scheme will be in sync