Daily revision of petrol, diesel prices

Starting June 16, retail selling prices of petrol and diesel are set be revised every day by the three state-run oil marketing companies across the country. Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp had started a pilot project in five cities —Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam — starting May 1, 2017 wherein prices of these fuels changed daily according to the international crude prices. Daily change in prices will minimise volatility and will not lead to sudden increase or decrease in prices. Till now, retail fuel prices are revised fortnightly. The OMCs expect the new system will enable a smooth flow of products from refineries or depots to retail outlets. Many developed countries already revise prices of petrol and diesel on a daily basis. The OMCs plan to use their field officers to convey the daily change in prices especially in areas where connectivity is an issue.

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