From June 16 customer will have to pay a different price for petrol and diesel daily. State-owned oil companies have taken this initiative in order to sync oil prices with the international market and make the oil market of international standards.
According to a retailer of Indian Oil Corporation, "Daily prices revision of petrol and diesel will make the retail price more reflective of the current market conditions and will minimise the volatility of the price. Further, it will lead to increased transparency in the system. This will also enable smooth flow of product from refinery/depot to the retail outlets."
He further added, "Many developed countries are already revising the prices of petrol and diesel on daily basis."
This initiation has come from the successful run of the pilot project which started from 1, May in Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam.
The state and oil firms HPCL, IOC and BPCL togetherly holds more than 95% of nation's petrol retail outlets and around 58,000 units in the count.
At present, the prices of petrol and diesel get revised on 1st and 16th of every month based on the average international price of oil in the rupee dollar exchange rate.
The prices of petrol in diesel will be published in the newspapers every day for the public convenience. Further, they will be sent by SMS and rates will be displayed at the retail outlets too for a public awareness
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