Come Friday June 16,2017 and petrol as well as diesel prices across the country will be revised on a daily basis in sync with international rates as happens in most advanced markets.
After the successful pilot in five cities, state-owned oil companies will from June 16 revise rates on a daily basis across all the 58,000 petrol pumps in the country.
Petrol and diesel price will change on a daily basis by a few paisa per litre depending on movement of oil prices in international market and variation in foreign exchange rates.
Rates will vary from city to city as well as from petrol pump to petrol pump with Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) deciding to follow a marginal differential pricing.
Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and consumer will be more aligned to market dynamics.
The three firms in separate but identical statements had said they implemented daily revision of retail selling price (RSP) of petrol and diesel on a pilot basis in Udaipur in Rajasthan, Jamshedpur in Jharkhand, Puducherry, Chandibarh and Vizag in Andhra Pradesh from May 01,2017
State fuel retailers currently revise rates on 1st and 16th of every month based on average international price of the fuel in the preceding fortnight and currency exchange rate.
Instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee- US dollar fluctuations.
Petrol price was last revised downward by Rs 1.23 a litre on June 01,2017, and diesel rates were cut by Rs 89 paisa.
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