Petrol retailers have stuck to the choice of revising fuel prices on a daily basis since July, and ever since, the price of petrol has gone up by Rs 6 per litre, and diesel by Rs 3.67 per litre.
In Delhi, petrol now costs Rs 69.04 per litre, the highest in almost three years, while diesel costs Rs 57.03 per litre.
Earlier, oil companies revised prices on the 1st and 16th of every month. Since July 2017, the companies ditched this 15-year-old practice and opted to revise prices every day. Petrol and diesel prices are revised every day at 0600 hours (6:00 a.m. every day).
A senior Oil Company Executive said, "Previously, everybody felt the pinch when rates would go up by Rs 2 or 3 per litre in one go. Now they are being increased by one paisa to 15 paise a litre every day, hikes that have largely gone unnoticed."
The previous practice or revising fuel prices on the 1st and 16th of every month began in 2002 when petrol and diesel prices were deregulated.
Increasing fuel prices is a concern for many in India, but the daily revision of prices has not affected masses since the hike in price is minimal compared to the earlier practice. A one-shot hike of Rs 3 to 5 with the earlier practice affected many.