India’s state-run oil marketing companies will revise petrol price on a daily basis all across the country beginning June 16, ET Now reported on Wednesday citing unidentified sources from the Ministry of Petroleum and Natural Gas. The reported roll out of daily petrol price revision mechanism all across India comes close on the heels of a pilot project to review petrol and diesel prices on a daily basis in five cities from May 1. There is no immediate information available on daily revision of diesel prices across all India.
At present, India’s three state-run oil marketing companies Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and usually revise them every fortnight to pass on the impact of global crude oil prices on their purchases. Read more