Public sector oil marketing companies are taking steps to establish an appropriate mechanism for conveying prices to consumers every day. Photograph: (Reuters)
The government's decision to revise fuel prices daily is intended to make the retail prices more reflective of the current market conditions
Retail prices of petrol and diesel will be revised daily from today countrywide. The prices of petrol and diesel have already been slashed by Rs 1.12 and Rs 1.24 respectively, which comes into effect from 6 am(local time) today.
The government's decision to revise fuel prices daily is intended to make the retail prices more reflective of the current market conditions and minimising the volatility in the retail price of petroleum products. It is also expected to make prices more transparent.
The oil marketing companies had initially resisted the move but came around after the government ran a pilot run in five Indian cities - Chandigarh, Jamshedpur, Puducherry, Udaipur and Vizag.
The public sector oil marketing companies are taking steps to establish an appropriate mechanism to convey prices to consumers every day, including daily publishing of the prices in newspapers, prominent display of prices at the retail outlets and sending of price-related SMS.
Fuel prices were deregulated by the government in 2014, however, prices continued to be revised after a fortnight whenever required, from today though it would be revised daily.
Starting Friday, petrol and diesel prices will be revised daily in sync with any movement in international oil rates (WION)