Daily re­tail re­vi­sion of petrol and diesel price

Commercial Vehicle - - NEWS -

Daily re­tail fuel price re­vi­sion was im­ple­mented na­tion­wide on June 16, 2017. The three staterun oil mar­ket­ing com­pa­nies In­dian Oil Corp., Bharat Petroleum Corp. and Hin­dus­tan Petroleum Corp. be­gan daily re­vi­sion of re­tail prices of petrol and diesel across the coun­try to en­sure the ben­e­fit of even the small­est changes in the in­ter­na­tional oil prices are passed on to the deal­ers and con­sumers. The roll out of daily price re­vi­sion mech­a­nism na­tion­wide comes close on the heels of a pi­lot project to re­view petrol and diesel prices on a daily ba­sis in five cities from May 01, 2017. The new price re­vi­sion marks a de­par­ture from the ex­ist­ing prac­tice of re­view in the prices of petrol and diesel ev­ery fort­night, and is looked upon as a true dereg­u­la­tion.

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