State oil companies will revise petrol and diesel prices daily for consumers across the country from June 16.
This is an extension of a pilot that they have been running in five cities since May 1.
State oil companies are preparing their distribution network for a shift from fortnightly to daily price revision, company executives said. This follows a meeting on Wednesday in which Oil Minister Dharmendra Pradhan directed top executives to quickly extend new pricing mechanism to the entire country.
Daily price revision was launched last month in Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh.
In the rest of the country, companies 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.
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