State oil companies will revise petrol and diesel
prices daily for consumers across the country from June 16, an
extension of a pilot that they have been running in five cities since
May 1.
State oil companies are preparing their
distribution network for a shift from fortnightly to daily price
revision, company executives said. This follows a meeting on Wednesday
in which Oil Minister Dharmendra Pradhan directed top executives to quickly extend new pricing mechanism to entire country.
Daily price revision was launched last month in Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh.
In the rest of the country, companies revise
petrol and diesel prices every fortnight to align these with
international rates and account for currency fluctuations. Automation of
retail outlets and popularity of digital applications such as whatsapp
have made it easier for companies to convey price changes easily to
dealers, prompting them to consider daily revision now.
A daily revision can cut out government
interference in fuel pricing that often shows up during poll season even
though petrol and diesel have been officially decontrolled for years
now.
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