New Delhi, June 15: After ruling the dynamic pricing for petrol and diesel, the government is planning to revise Compressed Natural Gas (CNG) prices on a daily basis. Presently, the price of CNG is revised monthly. Also Read - Petrol Price Crosses Rs 82-Mark, Diesel Above Rs 72 a Litre

India Oil Corporation (IOC) CMD Sanjay Singh said that petroleum companies are in the process of revising CNG price on a daily basis, the India Today reported. Also Read - Petrol, Diesel Prices Rise for Third Straight Day

Petrol and diesel prices will be revised on a daily basis in sync with international rates as happens in most advanced markets from June 16. Petrol and diesel price will change on a daily basis by a few paisa per litre depending on movement of oil prices in international market and variation in foreign exchange rates. Also Read - Petrol, Diesel Prices Increase in Delhi After Nearly Two-month Break

Rates will vary from city to city as well as from petrol pump to petrol pump with Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) deciding to follow a marginal differential pricing. “We are moving into a dynamic pricing. Correction in prices now happen after a gap of a fortnight but from now on it will be on daily basis to reflect the cost,” IOC Chairman Sanjiv Singh said.

Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and consumer will be more aligned to market dynamics.

State fuel retailers currently revise rates on 1st and 16th of every month based on average international price of the fuel in the preceding fortnight and currency exchange rate. Instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee- US dollar fluctuations.

Petrol price was last revised downward by Rs 1.23 a litre on June 1, and diesel rates were cut by Rs 89 paisa.

With inputs from PTI