Fuel prices to be revised daily from June 16

Fuel prices in the country will be revised daily, starting from June 16, 2017. Under the current system, petrol and diesel prices are revised every fortnight, after taking into account parameters like international crude oil prices and USD-INR exchange rates.

However, the oil companies were keen on revising prices daily. In order to do so, a pilot project was started on 1st of May this year. Under this pilot project, fuel prices were revised daily in five cities - Pondicherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh. The oil companies now claim that the pilot project has been successful in the past month and they are thus expanding a similar system across the country.

State-owned oil companies like Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are currently preparing their distribution network for the upcoming change in revision schedule. The Minister of State for Petroleum and Natural Gas, Mr. Dharmendra Pradhan, is said to have directed top executives of the aforementioned companies to extend the mechanism for daily price revisions across the country.

Source: ET