Come June 16, petrol as well as diesel prices across the country will be revised on a daily basis in sync with international rates as happens in most advanced markets.
After the successful pilot in five cities, state-owned oil companies will from June 16 revise rates on a daily basis across all the 58,000 petrol pumps in the country.
Petrol and diesel price will change on a daily basis by a few paisa per litre depending on movement of oil prices in international market and variation in foreign exchange rates.
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 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.
The three firms in separate but identical statements had said they implemented daily revision of retail selling price (RSP) of petrol and diesel on a pilot basis in Udaipur in Rajasthan, Jamshedpur in Jharkhand, Puducherry, Chandibarh and Vizag in Andhra Pradesh from May 1.