Thursday , August 24 2017
Hyderabad Top Stories

Petrol, diesel prices to be revised daily from 16th June

Petrol, diesel prices to be revised daily from 16th June

Hyderabad: Public Sector Oil Marketing Companies (OMCs) — Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd have implemented daily revision of Retail Selling Prices (RSP) of Petrol and Diesel on pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam with effect from May 1.
After its successful implementation, the OMCs have decided to start daily revision in RSP of Petrol and Diesel in the entire country from June 16. Daily price revisions of Petrol and Diesel will make the retail prices more reflective of the current market conditions, minimizing the volatility in the RSP of Petrol and Diesel. Further, it will lead to increased transparency in the system. This will also enable smoother flow of products from refinery/depots to Retail Outlets. Many developed Countries are already revising the prices of Petrol and Diesel on daily basis.
The Public Sector OMCs are taking steps to establish an appropriate mechanism for conveying the prices to consumers every day, including daily publishing of the prices in newspaper, prominent displays of prices at the retail outlets, sending of price related data/SMS from the centralized locations, Mobile apps etc.(NSS)