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Consumers to pay a different price every day for petrol and diesel from June 16
Posted on: 08-06-2017 , 04:34:PM | DY365 Bureau

June 8, 2017- Consumers will have to different prices per day for a litre of petrol or diesel from June 16 onwards, as state oil companies will revise petrol and diesel prices on a daily basis for consumers across the country.
The development came following directives issued by Union Petroleum Minister Dharmendra Pradhan to top executives to quickly extend new pricing mechanism to entire country.
It may be mentioned, the move is an extension of a pilot project that they have been running in five cities since May 1.
Daily price revision was launched last month in Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh.
In the rest of the country, companies revise petrol and diesel prices every fortnight to align these with international rates and account for currency fluctuations.
The introduction of daily price revision mechanism will likely propel Indian retail fuel market to the international standards. This move will also allow private competitors, Essar Oil and Reliance Industries, which currently follow the price set by state-owned companies, to also shift to a dynamic model.
 
 

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