Daily retail revision of petrol and diesel price
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.