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Fuel Price To Change Daily — Here's Everything You Need To Know
The oil companies have decided to revise the petrol and diesel prices on a daily basis from June 16, 2017. Read more.
From June 16, 2017, you will pay a different price every day for petrol and diesel when you visit a gas station.
The State oil companies have decided to revise the price of petrol and diesel on a daily basis across the country. This is an extension of the trial run implemented in five cities since May 1, 2017.
Oil companies had implemented the daily revision of fuel prices on a pilot basis in five cities - Udaipur, Jamshedpur, Puducherry, Chandigarh, and Vishakhapatnam. From June 16, 2017, the rule will be implemented throughout the nation.
In a statement, Indian Oil Corporation Limited (IOCL) 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."
The oil marketing companies will take necessary steps to establish an efficient system to convey the revised price to the customers on a daily basis. The revised rates will be published in the newspaper, displayed in retail outlets and through SMS or mobile apps.
Currently, the petrol and diesel prices are linked to market rates. State-run oil retailers such as Indian Oil Corporation Limited(IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) revise fuel rates every fortnight.
The revision of fuel price is based on the global oil price and foreign exchange rate. The three state-run oil companies operate around 95 percent of petrol pumps in the country.
