Prices of petrol, diesel to be revised daily from today

The prices of petrol and diesel have already been slashed by Rs 1.12 and Rs 1.24 respectively, which affects from 6 a.m.

Published: 16th June 2017 09:25 AM  |   Last Updated: 16th June 2017 09:25 AM   |  A+A-

petrol

Image for representation purposes only. (File Photo | Reuters)

By ANI

NEW DELHI: From today onwards, the retail prices of petrol and diesel will be revised daily. The prices of petrol and diesel have already been slashed by Rs 1.12 and Rs 1.24 respectively, which affects from 6 a.m.

Earlier this month, the oil marketing companies decided to make the daily revision. It is intended to make the retail prices more reflective of the current market conditions and minimising the volatility in the retail price of both the petroleum products. 

It also intended to enhance transparency in the system, besides enabling smoother flow of products from refinery to retail outlets.

The decision to revise the prices on a daily basis was taken by the Indian Oil Corporation, the Hindustan Petroleum Corporation and the Bharat Petroleum Corporation after successful implementation on pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam.

The public sector oil marketing companies are also taking steps to establish an appropriate mechanism for conveying the prices to consumers every day, including daily publishing of the prices in newspaper, prominent display of prices at the retail outlets and sending of price-related SMS.
 
Many developed countries are already revising the prices of petrol and diesel on a daily basis.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp