State-run oil companies – Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation – operate 90 per cent of the retail outlets in the country.
Petrol and diesel prices are currently determined by global crude prices and the value of the rupee against the dollar as India imports bulk of its energy requirement.
Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, Indian Oil Corp said.
Currently, fuel prices are revised on a daily basis in five cities. The oil marketing companies had earlier implemented daily revision of petrol and diesel prices on a pilot basis in Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam from May 1, 2017.
In a statement, Indian Oil said: “After its successful implementation, public Sector oil marketing companies have now decided to start daily revision in retail selling price of petrol and diesel in the entire country with effect from 16th June, 2017.”