Petrol and diesel prices set to change every day

New Delhi June 08: State-run oil marketing companies are gearing up to introduce daily changes in petrol and diesel prices to all over India.

According to sources information, the pilot project of daily oil price review, which was implemented in five cities starting on May 1, has been very "effective" and "encouraging".

The arrangement is likely to be implemented from mid-June 2017.

The government's move to change petrol and diesel prices on a daily basis - currently being tested in five cities - was likely to improve the marketing margins of PSU oil retailers, according to an India Ratings Research report.

In fact, after the launch of the pilot this month in five cities - Puducherry, Visakhapatnam, Udaipur, Jamshedpur and Chandigarh - prices have fallen.

"The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision," IOC had said.