Retail prices for petrol and diesel would be revised on a daily basis starting from June 16, compared to the present system where oil marketing companies usually adjust prices on a fortnightly basis. The public sector oil marketeers — Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum — launched a pilot project in May for daily dynamic pricing at petrol pumps in Udaipur, Puducherry, Visakhapatnam, Jamshedpur and Chandigarh. Based on the ‘successful implementation’ of the pilot project, the firms have decided to start daily revision across the country, they said in a statement on Thursday.
“Daily revisions will make retail prices more reflective of the current market conditions, minimising the volatility in the retail sales price of petrol and diesel. Further, it will lead to increased transparency,” the firms said.
“Oil marketing companies are taking steps to establish a mechanism for conveying the prices to consumers every day, including prominent displays at retail outlets, and sending price-related data or SMS from centralised locations or mobile apps,” the statement added.
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