NEW DELHI: Believe it or not, there's a little bit of America in your fuel, even though we hardly import any oil from there. On Friday, India moved to a system of revising motor fuel prices daily in tune with global rates, something that the US has been doing for years.But the American connection doesn't end there.The new system kicked in with a reduction in petrol and diesel prices. "Proud to share that India is first country to switch to dynamic fuel pricing on such a scale in one go," oil minister Dharmendra Pradhan tweeted to mark the beginning of a new phase in India's fuel retail market.This is good news for consumers in India. The daily price revision makes deregulation real. All this will add up to better products and services for the Indian fuel consumer in the coming days.

Source: Times of India June 16, 2017 21:13 UTC