- Currently, oil marketing companies revise rates daily in five cities
- Daily price revision pilot implementation successful, says Indian Oil
- Retail prices to become more reflective of market conditions, it adds
Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the fuel prices. "Further, it will lead to increased transparency in the system and enable smoother flow of products from refinery/depots to retail outlets," said Indian Oil Corp, the country's largest fuel retailer. Many developed countries revise the prices of petrol and diesel on a daily basis.
Indian Oil also said: "Public sector oil marketing companies are steps to establish an appropriate mechanism for conveying the prices to consumers every day, including daily publishing of the prices in newspaper, prominent displays of prices at the retail outlets, sending of price related data/SMS from the centralized locations, mobile apps etc."
Petrol and diesel prices are currently determined by global crude prices and the value of the rupee against the dollar as India imports bulk of its energy requirement.
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