State oil companies will revise petrol and diesel prices daily across the country from June 16. State oil companies are preparing their distribution network for a shift from fortnightly to daily price revision, company executives said. A meeting will be held on the upcoming Wednesday in which Oil Minister Dharmendra Pradhan will be directing top executives to quickly extend new pricing mechanism to the entire country.
Five cities, namely, Pondicherry, Vishakapatnam, Udaipur, Jamshedpur and Chandigarh, are already following the new daily price revision rule since May 1. In the rest of the country, the companies will revise petrol and diesel prices every fortnight to align these with international rates and account for currency fluctuations. Automation of retail outlets and popularity of digital applications such as WhatsApp have made it easier for companies to convey price changes easily to dealers, prompting them to consider daily revision now.
A daily revision can cut out government interference in fuel pricing that often shows up during the poll season even though petrol and diesel have been officially decontrolled for years now.
TEAM STICK SHIFT