New Delhi, June 8: Beginning mid-June, dynamic pricing of petrol and diesel will be extended to the entire country by the oil marketing companies (OMCs). From today, a daily revision of petrol and diesel prices will be done in five cities — Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh, the Indian Oil Corporation Limited tweeted. Also Read - Petrol, Diesel Prices Rise Yet Again | Check Rates in Various Metro Cities

The pan India rollout of the new mechanism is likely to be June 16, the Financial Express reported. The decision was taken during a meeting called by Petroleum Minister Dharmendra Pradhan and attended by officials from the Ministry and various officials from the OMCs including the CMDs. Also Read - Petrol Prices Touch Record High in Delhi & Mumbai | Check Prices Here

In the present set-up, state-run OMCs — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — review retail fuel prices fortnightly and the prices of the fuel are increased or decreased depending on the global crude oil prices. Also Read - Petrol Rate In Delhi Crosses Record Rs 85/Litre; Diesel Rate Breaches Rs 75/Litre Mark

“The actual date of roll-out will be finalised in a couple of days,” said the source.