Nationwide daily revision of petrol, diesel prices from June 16 -Governance Now

Nationwide daily revision of petrol, diesel prices from June 16

Public Sector OMCs are establishing a mechanism to convey the prices to consumers every day

GN Bureau | June 12, 2017

#IndianOil Corporation #Hindustan Petroleum #Bharat Petroleum #petrol #diesel #price revision

Public Sector Oil Marketing Companies (OMCs) have decided to start daily revision of retail selling prices (RSP) of petrol and diesel in the country with effect from June 16, 2017.

Earlier, the oil marketing companies - IndianOil Corporation Ltd., Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd. - had implemented daily revision of petrol and diesel of RSP on a pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam from May 1, 2017.

Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the RSP of petrol and diesel, an IndianOil release said.

It will enhance transparency in the system. This will also enable smoother flow of products from refinery/depots to retail outlets. Many developed countries are already revising the prices of petrol and diesel on a daily basis.

Public Sector OMCs are taking steps to establish an appropriate mechanism for conveying the prices to consumers every day, including daily publishing of the prices in newspaper on a daily basis, prominent displays of prices at the retail outlets, sending of price-related data/SMS from the centralized locations, mobile apps etc.

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