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Oil companies to revise petrol, diesel prices daily from June 16 onwards

The practice of daily price revision, followed by many developed nations, is popularly called dynamic fuel pricing.

June 08, 2017 / 06:35 PM IST
petrol diesel price hike

petrol diesel price hike

 
 
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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.