M4PNews|Chandigarh
- From June 16, petrol and diesel prices will be revised daily
- This is an extension of a pilot that the oil companies have been running in five cities since May 1
- It will lead to increased transparency in the system, Indian Oil said
Starting June 16, you will be paying a different rate every day when you go to a gas station near you to get petrol or diesel for your vehicle. State oil companies will revise petrol and diesel prices daily for consumers across the country starting next Friday. This is an extension of a pilot that the oil companies have been running in five cities since May .
Oil marketing companies had implemented daily revision of retail selling prices (RSP) of petrol and diesel on a pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh, and Vishakhapatnam.
Indian Oil Corporation Limited (IOCL), the largest oil retailer in a statement said, “Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, minimizing the volatility in the RSP of Petrol and Diesel.
“Further, it will lead to increased transparency in the system. This will also enable smoother flow of products from refinery/depots to retail outlets. Many developed countries are already revising the prices of Petrol and diesel on daily basis.”