Gear up for change in petrol, diesel prices every day; new rule to kick in from 16 June

Oil PSU firm Indian Oil Corporation (IOC) has said it will start revising prices of petrol and diesel for consumers across the country starting 16 June. The decision comes after the oil PSU refineries had implemented daily price revision of the fuel in five cities on 1 May.

On Wednesday, Oil Minister Dharmendra Pradhan in a meeting with top executives of oil PSUs asked them to quickly extend new pricing mechanism to entire country.

Preparing to shift from fortnightly to daily price revision, state oil companies are preparing their distribution network, the Economic Times report said.

Indian Oil Corporation to start daily revision in retail selling prices of petrol & diesel in the entire country with effect from June 16th pic.twitter.com/VFxpxUwHiY

— ANI (@ANI) June 8, 2017

Last month, daily revision of fuel prices was implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North.

State refiners - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - operate 90 percent of the retail outlets in the country.

The three have up to 200 fuel stations in the five cities.

Daily price revision is about introducing international standards in the Indian fuel retail market. It helps both customers as well as dealers in managing their purchase.