Petrol and diesel prices will be revised on a daily basis from today in select cities of the country. Public sector oil marketing companies will launch a pilot for daily revision of prices in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh.
Instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee – US dollar fluctuations. The scheme will be extended to other parts of the country gradually.
Currently, the price of fuel is revised on 1st and 16th of every month based on the average international price of the products in the last fortnight and rupee-dollar exchange rates.