Fuel prices to be revised daily from June 16

Petrol and diesel prices will be revised daily across the country from June 16, 2017. On May 1, state-owned oil companies kicked off a pilot in five cities including Puducherry, Vishakapatnam, Udaipur, Jamshedpur and Chandigarh.

Fuel prices are currently revised by the state-owned oil marketing companies on the 1st and 16th of every month, depending on the movement of fuel prices in the international market, as well as the rupee-dollar exchange rate of the previous fortnight.

To ensure a smooth transition, oil marketing companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which own over 95 percent of the 58,000-odd petrol pumps in the country, will organise extensive training at fuel pumps across the country Oil

Indian Oil Corporation in a statement said, "This move will ensure that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end users."

At automated fuel stations, the prices will be automatically updated centrally with the change scheduled at 00:00 hours. Additionally, for non-automated petrol pumps, dealers will get the updated price via SMS, e-mails, mobile apps and/or websites. The same will also be available for customers via the respective oil company's phone app or website.

According to reports, the practice of revising petrol and diesel prices daily is currently followed in the US and Japan, while rates are changed weekly in Korea, Thailand, Taiwan and the UK.