Indian Oil Corporation will start daily revision in retail selling prices of petrol and diesel in the entire country with effect from June 16th, as reported by news agency ANI. The daily revision of prices was first implemented in Vizag, Puducherry, Udaipur, Jamshedpur and Chandigarh. Currently, state fuel retailers currently revise rates on the 1st and 16th of every month on the basis of average international price of fuel in the preceding fortnight and currency exchange rate.
This move has, however, raised concerns about the viability among various dealers. Presently, Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC), and Hindustan Petroleum Corporation (HPCL) review retail fuel prices every fortnight. Instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee-US dollar fluctuations.