State-run oil marketing companies will revise fuel prices on a daily basis nationally from June 16 onwards, as per various media reports.
The government companies – Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) - will review retail prices every day instead of every fortnight as has been the trend till date.
The companies are planning a national launch for dynamic petrol and diesel prices in the second half of this month. However, a date has not been finalised, a top official from an OMC told Business Standard.
On May 1, the dynamic fuel prices model was launched in 5 cities - Pondicherry, Chandigarh, Jamshedpur, Udaipur and Vishakhapatnam. The move will put India in sync with global practice of daily price revision.