New Delhi: Petrol and diesel prices will be revised on a daily basis from June 16 across the country, media reports said.
The revision in fuel prices will be in sync with international rates, much like it happens in most advanced markets.
The daily revision in fuel prices were run as part of pilot project in select towns from May 1 this year.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which own more than 95 percent of the nearly 58,000 petrol pumps in the country first implemented the pilot project in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh.
State fuel retailers currently revise rates on the 1st and 16th of every month based on average international price of fuel in the preceding fortnight and currency exchange rate.
Instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee- US dollar fluctuations.
Customers may verify fuel prices by downloading the company app or visiting its website.
Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and consumer will be more aligned to market dynamics.
While petrol price was freed from the control of the government in June 2010, diesel rates were deregulated in October 2014.
Technically, oil companies have freedom to revise rates but often they have been guided by political considerations.
Rates differ by only a few paise between pumps of the three state fuel retailers