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Prices of petrol, diesel to be revised daily from today

BUSINESS

Prices of petrol, diesel to be revised daily from today

petrol

From today onwards, the retail prices of petrol and diesel will be revised every day. The prices of petrol and diesel have been sliced by Rs 1.12 and Rs 1.24 respectively.

Prior this month, the oil marketing organizations decided to make the daily revision. It is expected to make the retail prices more reflective of the present economic situations and limit the volatility in the retail cost of both the petroleum products.

It additionally proposed to improve transparency in the framework, other than empowering smoother flow of products from refinery to retail outlets.

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

The public sector oil marketing organizations are additionally finding a way to set up a fitting instrument at passing on the costs to consumers consistently, including every day distributing of the prices in daily paper, conspicuous show of prices at the retail outlets and sending of value related SMS.

Many developed nations are as of now reconsidering the prices of petrol and diesel once a day.

On similar lines, IOC means to begin amending retail offering prices of petrol and diesel the nation over every day with impact from today. The prices proclaimed consistently might be relevant from 6 AM to 6 AM the following day,” IOC said in a statement.

“The present level of global product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant diminish in selling cost of petrol and diesel, the effect of which is being passed on to the customers with this value modification,” the statement said.

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