Daily Revision Of Prices Of Petrol And Diesel From June 16

Petrol and diesel prices will be revised on daily basis by public sector companies and the rates will be publicised through social media.

New Delhi:  From June 16th onwards the petrol and diesel prices all over the country will be revised on daily basis. The Indian Oil Corporation on Thursday said that all public sector oil companies, including IOC, Hindustan Petroleum Corporation and Bharat Petroleum will implement a daily revision of petrol and diesel prices at their bunks.  These public sector companies own more than 95 percent of country’s 58,000 petrol pumps.

Presently, the petrol and diesel prices are being revised every fortnight i.e. 1st and 16th of every month, depending on the global crude fluctuations. Sometimes it is advantageous to customers and sometimes not. The International Fuel prices in the preceding fortnight and currency exchange rate are taken into consideration.

“Daily price revisions of Petrol and Diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the RSP (Retail Selling Prices) of Petrol and Diesel,” the Indian Oil Corporation said in its statement. It also said that the daily price revision pilot project Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam was a success. It was launched on May 1.

To make the customers aware of the day’s price, daily publishing of prices in newspapers, prominently displaying the day’s rate at petrol pumps and sending information on the latest prices via text messages and smartphone applications will be taken up said the IOC.  The information will also be made available on social media.

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