Bhubaneswar: The state-run oil marketing companies have decided to revise fuel price on a daily basis across the country from June 16. Currently, it is revised every fortnight.
A decision in this regard was taken after the Ministry of Petroleum and Natural Gas convened a meeting to discuss the issue on Wednesday.
This comes close on the heels of successful implementation of daily petrol/diesel price revision mechanism, which was rolled out on a pilot basis in Jamshedpur, Udaipur, Puducherry, Chandigarh and Visakhapatnam from the beginning of May by government-run organisations like Bharat Petroleum Corporation, Hindustan Petroleum and Indian Oil Corporation.
According to agencies’ sources, the daily revision of fuel prices will make the retail prices more reflective of the current market conditions and also reduce volatility. This will also help to ensure transparency in the system.