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.
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.
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.
Daily Price Revision of Petrol and Diesel in five pilot cities w.e.f from 8th June. pic.twitter.com/uxA3OQwYY3
— Indian Oil Corp Ltd (@IndianOilcl) June 7, 2017
“The actual date of roll-out will be finalised in a couple of days,” said the source.
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