Petrol and Diesel prices to be revised daily from today

From today, there will be daily revision of retail prices of Petrol and Diesel, Petrol has become cheaper by 1 rupees 12 paise and diesel by 1 rupees 24 paise per liter from 6 this morning.

Earlier this month, Oil Marketing Companies decided to make revision in retail selling prices of Petrol and Diesel everyday at six in the morning.This decision will make the retail prices more reflective of the current market conditions and minimising the volatility in the retail price of both these petroleum products. It is also intended to enhance transparency in the system, besides enabling smoother flow of products from refinery to retail outlets.

The



decision was taken by Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation to revise the price on daily basis after successful implementation of this measure on pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam.

Public Sector Oil Marketing Companies are also taking steps to establish an appropriate mechanism for conveying the prices to consumers every day including daily publishing of the prices in newspaper, prominent display of prices at the retail outlets and sending of price-related SMS. Many developed countries are already revising the prices of Petrol and Diesel on a daily basis.