From June 16, State oil companies will revise petrol and diesel prices daily for consumers across the country. Now you will be paying a different rate every day for your vehicle’s Petrol and Diesel. This order is an extension of a pilot that they have been running in five cities since May 1.
— Indian Oil Corp Ltd (@IndianOilcl) June 8, 2017
The Retail selling prices of petrol and diesel had implemented daily revision by Oil marketing companies on a pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh, and Vishakhapatnam.
After the successful implementation on a pilot basis in five cities the Public Sector Oil Marketing Companies (OMCs) namely the Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd., had announced today the implementation of daily Retail Selling Prices (RSP) revision for Petrol and Diesel from 16 June 2017.
The largest oil retailer of Indian Oil Corporation Limited (IOCL) in a statement said, “Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the RSP of Petrol and Diesel”. Onwards, It will lead to increased transparency in the system. This revision will also enable a smoother flow of products from refinery/depots to Retail Outlets. Although many developed countries are already revising the prices of Petrol and Diesel on a daily basis.
Public Sector Oil Marketing Companies are steps to conveying the revisions of prices to consumers. They can check the daily revision of prices for petrol and diesel in newspapers, prominent displays of prices at the retail outlets and they can also get the information from price related data/SMS from the centralised locations, mobile apps etc.