A major decision was arrived yesterday between Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum which owns nearly 95% of the total 58,000 petrol pump outlets that it would launch the revision of petrol and diesel rates on a daily basis from today.
This will be tested on a pilot basis in five cities which were Puducherry, Chandigarh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Vishakapattnam in Andhra.
At the present moments, the rates are revised only twice across India. One on 1st and the next one on 16th of every month. The new process, once implemented will set to bring the rates on par with international market situation there by passing the whole benefits to the consumers.
Indian Oil Corporation said that customers can verify the prices by checking it on their website or by downloading their app. The petrol price control regulation was freed from the Govt in June 2010 and Diesel on October,201 which has given the oil companies, the complete freedom to determine the prices but most of the time, they were offset by Govt decision and guidance. Rates will now differ only by few paise between these State run outlets.