State-run oil companies, Indian Oil Corporation (IOC) Ltd, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), will revise petrol and diesel prices every day in sync with international rates, beginning 16 June. The companies have adopted the new pricing model after trying it out since 1 May in five cities, Udaipur, Jamshedpur, Puducherry, Chandigarh and Visakhapatnam. After its successful implementation, public sector companies have now decided to start daily revision in retail selling price of petrol and diesel in the entire country with effect from 16 June. Diesel and petrol prices move in tandem with the price of crude oil in most countries. The decision on a nationwide rollout was taken after a review meeting by the Ministry of Petroleum and Natural Gas. The daily price revisions, the companies say, will make the retail prices more reflective of the current market conditions. 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 oil marketing firms are also taking steps to establish an appropriate mechanism to communicate daily prices to consumers, including publishing of the prices in newspapers, prominent displays at the retail outlets, even using phone messages and apps.

(Live Mint)