Petrol, diesel prices to be revised daily from June 16

The state-owned oil companies will revise petrol and diesel prices across the country on a daily basis from June 16, 2017 onward. The policy of daily revision in prices is being rolled out after the successful implementation of the policy as a pilot in five cities across the country since May 1, 2017.     
 
The public sector oil companies currently revise their prices on a fortnightly basis. The companies are gearing up for the transition from fortnightly price revision to daily price revision and to be abreast with international rates and account for currency fluctuations.
 
The five cities where the daily price revision pilot was implemented in May 2017 are Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh. 
 
The implementation of the daily price revision is expected to be convenient as the retail outlets have been automated, while presence of digital applications such as WhatsApp will also facilitate quick communication regarding price changes to the dealers.  
  
A daily price revision will reduce the government's role in fuel price decisions that are often taken at the time of elections, although petrol and diesel have been officially decontrolled since years.