(FE)
Petrol and diesel prices will be changed on a daily basis. Starting today, the move by state-owned oil companies will mark a departure from the earlier practice of fortnightly revisions of rates, according to reports. Rates will change everyday depending on any movement in international oil rates. Yesterday, petrol price was reduced cut by Rs 1.12 per litre and diesel price was cut by Rs 1.24 per litre. Till now, prices were revised on 1st and 16th of every month based on the fortnightly average of international oil price and the foreign exchange rate, the report says.
Rates will change at 6 am everyday depending on movement in cost on the previous day. The prices declared on a daily basis shall be applicable from 6 AM to 6 AM the next day, Indian Oil Corp said. Rates will vary from city to city as well as from petrol pump to petrol pump with Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) deciding to follow a marginal differential pricing.
Daily revision of retail selling price of petrol and diesel on pilot basis was implemented in Chandigarh, Jamshedpur, Puducherry District, Udaipur and Visakhapatnam from May 1.It has been learned that Petrol and diesel price will change on a daily basis by a few paisa per litre across all the 58,000 petrol pumps in the country.
