From June 16, Petrol, Diesel Prices Will Be Revised Daily

Daily revision of petroleum prices from June 16 will help reduce volatility.

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From June 16, Petrol, Diesel Prices Will Be Revised Daily

Petrol, diesel prices will change daily from June 16


Highlights

  1. Daily price revision has already been implemented in five cities
  2. IOC said it will make retail prices more reflective of market conditions
  3. Petrol and diesel prices are currently determined by global crude prices
State-run fuel retailers will revise petrol and diesel prices daily from June 16, Indian Oil said. Daily revision of petrol and diesel prices has already been implemented on a pilot basis in five cities - Udaipur, Jamshedpur, Visakhapatnam, Chandigarh, and Puducherry - from May 1. "After its successful implementation, public sector oil companies have now decided to start daily revision in retail selling prices of petrol and diesel in the entire country with effect from 16th June, 2017," Indian Oil said. 

Currently, the state-run oil marketing companies  - Indian Oil, Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) - revise retail fuel prices after every fortnight on the basis of global crude oil prices. 

Indian Oil said daily revision in oil prices will make retail prices more reflective of the current market conditions, besides leading to increased transparency in the system. This, country's biggest fuel retailer said, will enable smoother flow of products from refinery/depots to the retailers.

It said many developed countries are already revising prices of petrol/diesel on a daily basis.

The prices are expected to change every day at midnight, following directives by the Petroleum Ministry, news agencies said, citing sources. 

The three oil retailers will take steps "to establish an appropriate mechanism for conveying the prices to consumers every day, including daily publishing of the prices in newspaper on a daily basis, prominent displays of prices at the retail outlets, sending of price-related data/SMS from the centralized locations, mobile apps etc," Indian Oil said. 

State-run oil companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - operate 90 per cent of the retail outlets in the country.

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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